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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Bitcoin Price Is Facing A ‘Pump And Whack’ Ranging Market

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin price

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The Bitcoin price has responded to yesterday’s release of the FOMC Minutes with a brief bounce to $16,990, only to revert back to the previous range of around $16,800 shortly after, within 30 minutes. And this trend could continue in the weeks and months ahead. Macro analyst Alex Kruger stated:

Welcome to the 2023 Pump and Whack ranging market. Markets pump on falling inflation, and the Fed whacks it.

The analyst based his opinion on a series of tweets from the chief economics correspondent at The Wall Street Journal, Nick Timiraos. The renowned journalist said that one of the key statements in the meeting minutes is that Fed officials are concerned that an “unwarranted easing of financial conditions” could “complicate” their fight against inflation.

That’s probably one reason why the FOMC minutes contain almost no discussion of how much officials plan to raise interest rates at the February meeting. Instead, the minutes state that officials continue to face a difficult communication task and want to avoid broad “unwarranted” easing of financial conditions.

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While investors see a faster decline in inflation and respond with relief rallies, the Fed could in turn squelch that euphoria. If the CPI data turns out much better than estimates, the phenomenon of December 13 and 14, when the CPI data and the FOMC meeting occurred in quick succession, could be repeated.

In the run-up to and after the release of the CPI data, the Bitcoin price rose by almost 10% to $18,350, only to be brought back down to earth by the Fed’s hawkish statements. Bitcoin subsequently fell 12% to $16,280.

This “pump and whack” trading could continue in January and February as numerous experts predict another significant drop in inflation. CPI data for December 2022 will be released on January 12, 2023, at 8:30 am EST. Thus, positive numbers could cause a rally, but with a tight expiration date.

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The next FOMC meeting will be held from January 31 to February 01. The subsequent press conference will then take place as usual at 2:00 pm EST on the second day. That’s when the Fed’s hawkish hammer could strike, bringing down the Bitcoin price again.

At press time, the Bitcoin price was at $16,793, stuck in a tight range from $16,250-$17,000 till December 17.

Bitcoin price BTC USD
Bitcoin price (BTC / USD), 1-day chart

Bitcoin Price In The Run-Up To The Next FOMC Meeting

The meeting minutes also show that Fed officials agreed that the Fed needs to slow the pace of its aggressive rate hikes (50 bps in December). At the same time, it noted that “most participants emphasized the need to retain flexibility and optionality when moving policy to a more restrictive stance.”

This could suggest that Fed officials might be willing to return to a quarter percentage point increase at the next meeting, but also that they remain open to an even higher than expected final rate if high inflation persists.

The minutes also show that relatively few concerns were expressed at the December meeting that the central bank might go too far at this point and trigger a recession. Only some participants acknowledged that the risks to the inflation outlook must have become more balanced, meaning that the risk of doing too little was no longer much greater than the risk of doing too much.

In response, Goldman Sachs commented that the “Fed either pivots too early and turns dovish into a high inflation scenario which is fairly bearish the USD thus helping gold or they pivot too late and cause a much bigger recession than is priced in right now, resulting flight to safety helps gold.”

Featured image from Yahoo! Sports, Chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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