{"id":503102,"date":"2022-09-21T16:42:55","date_gmt":"2022-09-21T16:42:55","guid":{"rendered":"https:\/\/wncen.com\/?p=503102"},"modified":"2024-06-11T13:52:54","modified_gmt":"2024-06-11T13:52:54","slug":"why-bitcoin-price-could-bounce-after-todays-fomc-meeting","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-bitcoin-price-could-bounce-after-todays-fomc-meeting\/","title":{"rendered":"Why Bitcoin Price Could Bounce After Today\u2019s FOMC Meeting"},"content":{"rendered":"

The Bitcoin price has been moving sideways over the past few days bound solely to macroeconomic factors. The benchmark cryptocurrency was rejected north of $20,000 after \u201cThe Merge\u201d and seems poised to face volatility over today\u2019s trading session. <\/strong><\/p>\n

Related Reading: Reef Finance (REEF) Breaks Out Of Long Isolation, Is This A Fake Rally?<\/a><\/strong><\/div>\n

At the time of writing, Bitcoin (BTC) trades at $19,200 with sideways movement in the last 24 hours and a 5% loss over the past week. As the market moves past \u201cThe Merge\u201d, crypto has returned to its correlation with global markets and the most important factors driving the price action: inflation and interest rates.<\/p>\n

\"Bitcoin
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

What To Expect For The Bitcoin Price Ahead Of The FOMC Meeting?<\/h2>\n

Later today the U.S. Federal Reserve (Fed) will hold its Federal Open Market Committee (FOMC) meeting where it will announce its upcoming interest rate hike. As it has happened in the past month, the crypto market is poised to see an uptick in volatility ahead of this major event.<\/p>\n

Market participants seem to be expecting another 75 basis points increase after the latest Consumer Price Index (CPI) print and the Non-Farm Payrolls (NFP) metrics. The results of these reports hinted at persistent core inflation in the U.S. dollar, according to trading desk QCP Capital<\/a>.<\/p>\n

The firm believes that the market will be looking at today\u2019s interest rate hikes, the Fed\u2019s plan for the future of its monetary policy, and its reaction to inflation. In that sense, today\u2019s FOMC will be critical for market participants to have a deeper insight into the Fed\u2019s strategy. The trading desk wrote:<\/p>\n

(\u2026) we believe the focus will be on the Dot plot. Markets will look for clear guidance on the expected number of hikes for the last 3 FOMC meetings of 2022, as well as the updated terminal rate FOMC members are forecasting for next year.<\/p><\/blockquote>\n

Without \u201cThe Merge\u201d acting as a bullish catalyzer, and with Ethereum trading under a \u201csell the news\u201d setup, the Bitcoin price and crypto market have flipped to extreme fear levels. This sentiment seems to be the norm across all financial sectors.<\/p>\n

As seen below, even Gold is displaying a high correlation with risk-on assets, QCP Capital stated. The precious metal has underperformed in circumstances where Gold should be rallying, with high inflation, and a major arm conflict in Europe (Russia invading Ukraine).<\/p>\n

\"Bitcoin
Correlation between Gold and S&P500 (risk assets) trends to the upside. Source: QCP Capital via Twitter<\/figcaption><\/figure>\n

Bitcoin Price Set For A Relief Rally?<\/h3>\n

Finally, QCP Capital believes the Bitcoin price and the crypto market could see some relief. If the Fed stays within market expectations, announcing a 75-bps interest rate hike, cryptocurrencies and other risks on assets could react to the upside.<\/p>\n

Related Reading: U.S. House Legislation Looks To Place Two-Year Ban On UST-Like Stablecoins<\/a><\/strong><\/div>\n

As trading firm noted, every FOMC meeting in 2022 has led to a crypto relief rally, this time seems poised to move in tandem with historical data. QCP Capital added:<\/p>\n

How long this rally lasts is another question though. Will it just be a single day short squeeze like in May and June? Or can we finally sustain some positive momentum into Q4 and the next CPI pivot in 3 weeks.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price has been moving sideways over the past few days bound solely to macroeconomic factors. The benchmark cryptocurrency was rejected north of $20,000 after \u201cThe Merge\u201d and seems poised to face volatility over today\u2019s trading session. Related Reading: Reef Finance (REEF) Breaks Out Of Long Isolation, Is This A Fake Rally? At the time of writing, Bitcoin (BTC) trades at $19,200 with sideways movement in the last 24 hours and a 5% loss over the past week. As the market moves past \u201cThe Merge\u201d, crypto has returned to its correlation with global markets and the most important factors driving the price action: inflation and interest rates. What To Expect For The Bitcoin Price Ahead Of The FOMC Meeting? Later today the U.S. Federal Reserve (Fed) will hold its Federal Open Market Committee (FOMC) meeting where it will announce its upcoming interest rate hike. As it has happened in the past month, the crypto market is poised to see an uptick in volatility ahead of this major event. Market participants seem to be expecting another 75 basis points increase after the latest Consumer Price Index (CPI) print and the Non-Farm Payrolls (NFP) metrics. The results of these reports hinted at persistent core inflation in the U.S. dollar, according to trading desk QCP Capital. The firm believes that the market will be looking at today\u2019s interest rate hikes, the Fed\u2019s plan for the future of its monetary policy, and its reaction to inflation. In that sense, today\u2019s FOMC will be critical for market participants to have a deeper insight into the Fed\u2019s strategy. The trading desk wrote: (\u2026) we believe the focus will be on the Dot plot. Markets will look for clear guidance on the expected number of hikes for the last 3 FOMC meetings of 2022, as well as the updated terminal rate FOMC members are forecasting for next year. Without \u201cThe Merge\u201d acting as a bullish catalyzer, and with Ethereum trading under a \u201csell the news\u201d setup, the Bitcoin price and crypto market have flipped to extreme fear levels. This sentiment seems to be the norm across all financial sectors. As seen below, even Gold is displaying a high correlation with risk-on assets, QCP Capital stated. The precious metal has underperformed in circumstances where Gold should be rallying, with high inflation, and a major arm conflict in Europe (Russia invading Ukraine). Bitcoin Price Set For A Relief Rally? Finally, QCP Capital believes the Bitcoin price and the crypto market could see some relief. If the Fed stays within market expectations, announcing a 75-bps interest rate hike, cryptocurrencies and other risks on assets could react to the upside. Related Reading: U.S. House Legislation Looks To Place Two-Year Ban On UST-Like Stablecoins As trading firm noted, every FOMC meeting in 2022 has led to a crypto relief rally, this time seems poised to move in tandem with historical data. QCP Capital added: How long this rally lasts is another question though. Will it just be a single day short squeeze like in May and June? Or can we finally sustain some positive momentum into Q4 and the next CPI pivot in 3 weeks.<\/p>\n","protected":false},"author":535,"featured_media":501550,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-503102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nWhy Bitcoin Price Could Bounce After Today\u2019s FOMC Meeting<\/title>\n<meta name=\"description\" content=\"The Bitcoin price has been moving sideways over past days bound solely to macro-economic factors that could lead to a crypto relief rally.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Price Could Bounce After Today\u2019s FOMC Meeting","url":"http:\/\/wncen.com\/news\/why-bitcoin-price-could-bounce-after-todays-fomc-meeting\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-bitcoin-price-could-bounce-after-todays-fomc-meeting\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/kanchanara-SYSb9aJAzTA-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/kanchanara-SYSb9aJAzTA-unsplash.jpg?fit=1920%2C1277"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2022-09-21T16:42:55Z","datePublished":"2022-09-21T16:42:55Z","dateModified":"2024-06-11T13:52:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Price Could Bounce After Today\\u2019s FOMC Meeting\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-price-could-bounce-after-todays-fomc-meeting\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-price-could-bounce-after-todays-fomc-meeting\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/kanchanara-SYSb9aJAzTA-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/kanchanara-SYSb9aJAzTA-unsplash.jpg?fit=1920%2C1277\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2022-09-21T16:42:55Z\",\"datePublished\":\"2022-09-21T16:42:55Z\",\"dateModified\":\"2024-06-11T13:52:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/kanchanara-SYSb9aJAzTA-unsplash.jpg?fit=1920%2C1277","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/503102"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=503102"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/503102\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/501550"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=503102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=503102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=503102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}