Bitcoin traders await Federal Open Market Committee as BTC price hits new 1-month high

Bitcoin (BTC) on December 14 at the open on Wall Street set new one-month highs in a day full of highlights for the US Federal Reserve.

BTC/USD 1 Day Candlestick Chart (Bitstamp). Source: TradingView

Bitcoin rises on stocks FOMC

Data from Cointelegraph Markets Pro i.e TradingView. showed the BTC/USD pair hitting $18,126 on Bitstamp, off the previous day’s high of $18,106.

US stocks rose as markets anxiously awaited comments from the Fed after November’s consumer price index showed inflation slowing. exceeds expectations.

On December 14, the Federal Open Market Committee (FOMC) was due to make a decision on the monthly interest rate hike and Fed Chairman Jerome Powell’s speech.

This last event tends to cause high volatilityand pundits are scrutinizing Powell’s speech for clues about long-term economic policy.

“With the FOMC coming in today, we’re at a very important juncture. to summarize popular crypto trader Ed in a Twitter thread.

“The 18,200 liquidity amount is what everyone is looking for. The greatest pain would be a divine pump and leave everyone.

Nevertheless, Crypto Ed has warned that a reversal in the US dollar index, combined with a gradual fall in stocks, will kill the euphoria of the Bitcoin bulls.

“Separation would be nice, but unlikely,” he added.

US Dollar Index 1 Day Candlestick Chart. Source: TradingView

Michaël van de Poppe, founder and CEO of trading firm Eight, was more bullish on BTC.

“The FTX collapse sent markets down from $20,000 to $15,600. We are currently trading at $18,000, slightly above the June low”, said to his Twitter followers in one of his messages.

“I understand the bearish thesis, but it’s honestly a sign of Bitcoin’s strength.”

Before that, Van de Poppe had given Higher targets are only $18,300, with $17,200 to hold as support.

Bitcoin has a higher market capitalization than Walmart, Meta, and JPMorgan.

$12,000 BTC is waiting in the wings

Cheered by the end of bearish events, traders like Crypto Tony and Il Capo of Crypto are going against the grain.

Para Crypto Tony, un trip $10,000 “wasn’t out of reach” and Il Capo of Crypto made an open prediction of an imminent capitulation.

BTC/USD annotated chart. Source: Il Capo of Crypto / Twitter

“Simple”, commented along with a chart showing $12,000 as a support zone to cushion the decline.

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