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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Volatility Explodes Around $18K Level, As Fed Reveals 50 Basis Point Rate Increase

Tony "The Bull" Severino
Tony "The Bull" Severino
2 years ago
2 mins read
bitcoin

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Bitcoin price touched a high of nearly $18,400 in anticipation of today’s 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’s what you need to know about the last Fed meeting of the year. 

No Pivot: Fed Hikes Rates 50 Basis Points

All eyes were on today’s 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. 

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Although Powell’s 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.  What this means for risk assets like crypto or the stock market, remains to be seen. 

BTCUSDT_2022-12-14_15-52-03

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’s Fed meeting slightly. 

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. 

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Bitcoin Fundamental Expert Breaks Down Why The Bottom Is In

2 years ago

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. 

Bitcoin will need to reclaim today’s high of $18,400 and push through the $20,000 range before considering a potential bottom in the crypto market. 

A slightly softer Fed stance is certainly a good sign. 

Featured image from iStock, charts from Tradingview.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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