As the Fed meeting exacerbated the “extreme” BTC market panic, it was difficult for Bitcoin to maintain USD 47,000

Bitcoin (Bitcoin) Seek clues from the Fed on December 14 as the market anxiously awaits policy news.

BTC higher lows are still safe

Data from Cointelegraph Markets Pro and Transaction view With the opening of Wall Street on December 15, BTC/USD continued to stay within the range of around 47,000 USD.

The currency pair hit a local high of $48,785 on Bitstamp overnight, but it fell by 3% at the time of writing before the important Federal Reserve meeting.

The Federal Open Market Committee (FOMC) will begin discussions at 2 pm Eastern time, with the expected focus on interest rates, inflation, and asset purchases gradually decreasing.

Analysts believe that the most important thing is the hawkish stance. If the Fed’s approach becomes less accommodative, this may cause pain to risky asset holders in the short term.

“The market is forward-looking. Cryptocurrency is even more so because it is not controlled by anyone. It is the only remaining free market in the world,” the popular cryptocurrency trader Pentoshi concluded in a Twitter discussion.

“The Federal Reserve is still increasing its balance sheet, but at a slower rate. It prepared smart funds last month. Slow funding this week.”

As Cointelegraph reported, Bitcoin underperforms Compared with the fourth quarter of 2021 assumed by many people, there is consensus that 2022 will form the peak of the market cycle of BTC and altcoins.

“The current panic and bearish sentiment towards BTC is extremely extreme. But this -38% retracement is nothing extreme,” trader and analyst Rekt Capital Reiterate.

“Over the years, BTC has retraced by 30-40% many times in the bull market. In fact, in the past 5 months, BTC retracement of -53% -38% is not extreme.”

Former Rekt Capital famous The closing price higher than US$42,300 still represents a higher low for BTC/USD.

Fear is everywhere

In the altcoin market, sentiment is more inclined to the downside.

related: Since the crash in March 2020, retail investors have bought most of the BTC, so Bitcoin has gotten rid of the “stupid money”

Among the top ten cryptocurrencies by market capitalization, except Solana (Sol) Is slightly red in the daily time frame.

Dogecoin (dog) Just emerged from Tesla’s publicity and successfully obtained about half of its 25% revenue.

“Now, it’s easy for people to sell their bags because they believe there will be a huge drop tonight,” Cointelegraph writer Michaël van de Poppe debate.

This Crypto Fear and Greed Index The rise from 21/100 on Tuesday to 28/100, marking the internal transition from “extreme fear” to “fear” Its own range reflects the recent trend of Bitcoin.