Featured image from iStock, charts from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price touched a high of nearly $18,400 in anticipation of today\u2019s Federal Reserve meeting, where the US central bank was expected to raise interest rates by 50 basis points. Volatility picked up as the Fed meeting commenced, with Bitcoin suffering a sudden pullback to $17,700. Here\u2019s what you need to know about the last Fed meeting of the year.\u00a0 No Pivot: Fed Hikes Rates 50 Basis Points All eyes were on today\u2019s Fed meeting and if Fed Chair Jerome Powell would follow through and soften interest rate hikes from the previously aggressive 75-basis points, to a more tolerable 50-basis points increase.\u00a0 Related Reading: Bitcoin Price Prediction: What Elliott Wave Theory Suggests Is Next For BTC Although Powell\u2019s speech was the most dovish in nearly twelve months of meetings, the end result was still an increase in rates, with no true pivot in sight.\u00a0 What this means for risk assets like crypto or\u00a0the stock market, remains to be seen.\u00a0 Explosive volatility struck BTC ahead of the Fed meeting | Source: BTCUSD on TradingView.com Bitcoin Pulls Back Promptly As FOMC Meeting Begins November CPI data came in lower than expected yesterday, prompting Bitcoin to front run today\u2019s Fed meeting slightly.\u00a0 In the hours leading up to the meeting. Bitcoin climbed to close to $18,400 at the daily high. The moment the meeting began the top brass cryptocurrency by market cap plunged by $700 in one five-minute candle.\u00a0 Related Reading: Bitcoin Fundamental Expert Breaks Down Why The Bottom Is In The move could have been investors in slight profit selling the news, or potentially a shakeout ahead of a larger breakout. Bitcoin has been entrenched in an arduous downtrend for more than a year and counting and sellers could also be taking an opportunity to exit at each sign of a rally.\u00a0 Bitcoin will need to reclaim today\u2019s high of $18,400 and push through the $20,000 range before considering a potential bottom in the crypto market.\u00a0 A slightly softer Fed stance is certainly a good sign.\u00a0 Featured image from iStock, charts from Tradingview.com<\/p>\n","protected":false},"author":517,"featured_media":512391,"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":[428,1119,87489,78790],"class_list":["post-512390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcud","tag-btcusdt"],"acf":[],"yoast_head":"\n
Bitcoin Volatility Explodes Around $18K Level, As Fed Reveals 50 Basis Point Rate Increase<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n