Things are not looking good for bitcoin (BTC) again! While the price traded sideways for most of the day yesterday, BTC continued to fall again last night. Where are we now and what can we expect today? You can read it in this bitcoin market update.
Bitcoin price continues to fall
It is a painful sight, the price that has accelerated downwards since June 12. This means that the bitcoin price has fallen by as much as 30% over the past 7 days! And compared to the current all time high (ATH) the picture is of course only worse.
At the time of writing, the bitcoin price on crypto exchange Coinbase is $21,280. On the Dutch crypto trading platform bitvavo the bitcoin euro price is €20,337.
So it is a matter of waiting, and perhaps above all hoping for a bottom. Bitcoin has fallen slightly in value in the past 24 hours after it bounced off $20,700. This price area is extremely important as this is where BTC formed its ATH in 2017. For many traders, it is virtually impossible for bitcoin to fall below this previous ATH. However, analyst and traders Nebraskangooner warns his followers:
“I wonder if people still think it is “impossible” for Bitcoin to go below the previous ATH. I prefer to focus on the high of the most recent high which was around $14k. Remember, anything is possible with BTC. That’s why we’re here in the first place!”
I wonder if people still think it’s “impossible” for #Bitcoin to go below previous ATH.
I also prefer to focus on the high of the most recent top that was around $14k.
Remember, with #BTC anything is possible. That’s why we’re here in the first place! pic.twitter.com/xBT6zKu5kE
— Nebraskangooner (@Nebraskangooner) June 15, 2022
FOMC meeting important for bitcoin
Today it is important for bitcoin traders to remember that the Federal Open Market Committee (FOMC) meeting will take place tonight at 20:00 Dutch time. Next, the Federal Reserve will announce how much it will raise interest rates.
Initially, it was expected that this would be an increase of 0.5%. Due to ongoing inflation, this is now expected to be 0.75%. According to economist Alex Krüger, this news is already largely priced in. In other words, the reaction of bitcoin traders right after the news may be less violent than expected.
“As this is fully priced and given the seismic market movements since Friday, I can envision a rally on Wednesday.” thus Alex Kruger on Twitter.
Will BTC Still Visit Below $20,000?
In short, there is tentative hope that the FOMC meeting can provide local soil. Trader Kaleo nevertheless hopes that bitcoin will still dump below $20,000, probably so that he can pick up BTC nice and cheap there. But he is also reasonably positive for the short term:
“Hopefully until tomorrow’s FOMC meeting, we’ll go to the high teens, where the market will glimpse better-than-expected news with rate hikes, etc. and eventually bottom.”
Hoping we just dump to the high teens until tomorrow afternoon’s FOMC meeting, where the market catches some glimpse of better than expected news w/ rate hikes, etc. and finally catches a bottom. pic.twitter.com/7C1PRbRjyA
— KALEO (@CryptoKaleo) June 15, 2022
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