$BTC is hovering around 80,000 again. What people are really worried about this week isn’t whether the Fed raises rates on Wednesday, but whether Chair Warsh will hint at a hike in December.
Looking at the daily chart, BTC closed at 84,540 on 10/21, then plunged to 81,679 the next day. It touched a low of 79,220 on 10/24, and today it’s been moving between 79,400 and 80,900. CoinDesk says it needs to reclaim the 82,500 level it lost last Thursday before buyers can feel confident.
Most expect rates to stay unchanged at 3.75%–4.00% this time (FXStreet). The decision will be announced at 2 a.m. Taiwan time on Thursday. The derivatives market is unusually quiet: perpetual funding rates are around +0.01%, and open interest is about 5% lower than on 10/22. It looks like both bulls and bears are waiting for the press conference.
I’m not planning to take a large position over the next couple of days. If 79,220 breaks, I’ll stay on the sidelines for now. That Thursday early-morning candle often sweeps both sides, so keeping your position small should at least help you sleep. Figure out how much you can handle beforehand.
#BTC #Fed #Bitcoin
Looking at the daily chart, BTC closed at 84,540 on 10/21, then plunged to 81,679 the next day. It touched a low of 79,220 on 10/24, and today it’s been moving between 79,400 and 80,900. CoinDesk says it needs to reclaim the 82,500 level it lost last Thursday before buyers can feel confident.
Most expect rates to stay unchanged at 3.75%–4.00% this time (FXStreet). The decision will be announced at 2 a.m. Taiwan time on Thursday. The derivatives market is unusually quiet: perpetual funding rates are around +0.01%, and open interest is about 5% lower than on 10/22. It looks like both bulls and bears are waiting for the press conference.
I’m not planning to take a large position over the next couple of days. If 79,220 breaks, I’ll stay on the sidelines for now. That Thursday early-morning candle often sweeps both sides, so keeping your position small should at least help you sleep. Figure out how much you can handle beforehand.
#BTC #Fed #Bitcoin
