Bitcoin calls traders‘ bluff with $40K fakeout as Fed decision day comes

March 16, 2022

Hours after its launch, LUNA 2.0 sees a significant price drop.


Bitcoin, BTC tested traders‘ neves yet again on 16th March as a new spike over $40000 expired in minutes. Information from Cointelegraph Markets Pro and TradingView indicated BTC or USD unexpectedly rising to highs of $41700 on Bitstamp before immediately changing. 2 hourly candles were all it took for the whole market to soar by $2000, shatter crucial friction categories and come back below again. As per the data from the Coinglass, BTC accounted for $98 million of these in 24 hours at the time of publication. Entire crypto liquidations for the period were just over $200 million. When still in the middle of its conventional trading range, BTC or USD took out the opposition at $40000 first and then $41000 enhanced once the pair had lessened.

On 16th March, $41000 continued as the sell-side pressure, but a crucial build-up of sellers had yet to appear again at $40000. For critics, the sudden past paled in importance as compared with what the sudden future was apt to bring on 16th March. At around 2:00 pm EST, the United States Federal Reserve was motivated to disclose moves on interest prices. For popular trader and analyst Crypto Ed, there was nothing to glimpse until the news came out.

Twitter account PlanC asserted that the market had accounted for the anticipated 0.25% price hike, but this would not assist macro inflationary troops which themselves promote BTC as a store of importance. The FED will boost prices 25 basis points, which is priced in and will do nothing to avoid inflation, the account revealed. BTC or USD marketed at around $39500 during publication of the news which is still above from 15th March’s level.



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