Bitcoin (BTC) rose after Wall Street opened on June 14 as analysts expected long-term support to be preserved.
“Relief” is expected after the FOMC meeting
Data from Cointelegraph Markets Pro and TradingView tracked the BTC / USD pair, which was trading above $ 22,500 at the time of writing this report, after reaching local highs of $ 23,300 during the day.
Both rose sharply from nearly $ 20,800 as traditional markets also plummeted following the panic inflation in the United States.
Looking at where bitcoin could go next, Content Indicators, a chain analysis resource, noted that the market had recovered a simple 200-day moving average (200 SMA), an important feature of bitcoin bear markets which has been a support for previous years. price cycles.
Still, it was “too early to tell” whether the 200 – day simple moving average would still be an attractive zone, according to a tweet, with the Federal Reserve due to give inflation guidance on June 15th.
#BTC just after getting back the 200 Week MA. Some decent motion liquidity seen on #Firecards, but too early to tell whether it will hold. Expecting all eyes to be on the #FOMC conference Wednesday. pic.twitter.com/OEV18iTSrD
– Content Indicators (@MI_Algos) June 14, 2022
#BTC just after recovering the 200 week MA. Supply liquidity is evident on #FireCharts, but it is too early to say whether this will last. Keep an eye out for the #FOMC conference on Wednesday. pic.twitter.com/OEV18iTSrD – Content Indicators (@MI_Algos) June 14, 2022
Most cryptocurrency commentators on social media kept the feed on top of mind, as expectations showed that the majority were in favor of a larger-than-expected rate hike – 75 basis points instead of 50.
Tomorrow’s FOMC expectations are heavily weighted towards extreme rate rises of 150-175 bps pic.twitter.com/l5EW64mnvP
– CRYPTO₿IRB (@crypto_birb) June 14, 2022
Tomorrow’s FOMC expectations are heavily weighted in favor of extreme rate increases of 150-175bp pic.twitter.com/l5EW64mnvP. – CRYPTO₿IRB (@crypto_birb) June 14, 2022
“Currently, the market estimates a 96% chance that the Fed will rise by 75 basis points on Wednesday. The market has recently seen a 50 basis point pricing, but inflation data over the past week has changed that sentiment. (This time last week, it was estimated that there was a ~ 4% chance of a 75 basis point promotion), ”he said. writing the popular Twitter account @tedtalksmacro in one of the many tweets of the day.
He has added a 50 point rise would mean that stocks and cryptocurrencies should be “very strong,” and volatility was predicted to mimic the “sell the rumor, buy the news” event.
“Maybe they will bring some relief,” he said United Decenttrader co – founder Filbfilb in his own post.
It’s time to buy, says the metric in lock for the first time from $ 3,600.
Meanwhile, there was very high excitement after your metric on the chain reached the buying zone for the first time since March 2020.
Read also: MicroSstrategy CEO plans to ‘hod’ bitcoin despite adversity ‘
The MVRV-Z score, which reflects the number of standard deviations between the spot price and the realized price, slipped back into negative territory as BTC / USD fell below $ 23,400.
Historically MVRV-Z has dropped in Bitcoin prices from generation to generation, so significant results have bought into its green zone.
Cointelegraph reported on the importance of the realizing price of bitcoin earlier in the week.
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