It is unclear whether the trading volume will be enough to push Bitcoin prices higher, but traders are optimistic for a rebound. Bitfinex’s “bid walls” were more than 10 percent in front of market price and led some to believe that the exchange was positioning large buy orders ahead of Wednesday morning’s announcement from the US Federal Reserve
The “bitcoin price usd” is a cryptocurrency, and it has been on the rise for some time now. However, there are concerns that the recent dip in bitcoin may end Wednesday as Bitfinex bids hint at Fed ‘buy the news’ plans.
As buyers queue up to cash in on Wednesday’s Federal Reserve meeting, Bitcoin (BTC) may experience its last day of decline.
On December 14, bids on the key exchange Bitfinex started to rise, indicating that the market anticipates BTC/USD will rise.
It’s time to “sell the rumor, buy the news,” as the saying goes.
At the meeting, the Fed will provide vital information on the future of asset purchases — a kind of quantitative easing (QE) — as well as inflation, and wagers on the effect on both crypto and conventional markets are mounting.
According to data from Bitfinex’s order book, Bitcoin traders are looking for a chance to “buy the news.”
Bids are being placed on Bitfinex.
With financing negative across the board, retail is selling into the lows ahead of the FOMC meeting.
It seems like a Buy The News event is in the works for #Bitcoin $BTC pic.twitter.com/9Z69rJuL0T
December 14, 2021 — Zen (@Zen Trades1)
As Cointelegraph previously reported, the Fed’s asset purchases are being tapered, thus limiting the supply of “cheap” money, and speeding up the process might put pressure on risk assets like Bitcoin until policy returns.
In the near term, though, a buy-up would reenact the events of last month’s inflation data release, giving BTC a noticeable but short-lived lift.
After a day of losses, Bitfinex traders waited in a region around between $44,500 and $46,000 on Tuesday, with spot pricing now at $46,800.
“I believe the FOMC meeting will be a’sell the rumor, buy the news’ affair,” said analyst William Clemente.
“Combine that with illiquid supply returning to annual highs and a flurry of huge Bitfinex bids. It’s only a matter of waiting for $53K to start bidding. I’m willing to miss part of the move in exchange for confirmation.”
Bitcoin traders are far from docile.
On exchange order books, evidence of progressively bearish whales persists.
Whales may be able to secure the next Bitcoin price spike thanks to a “monster bull move”
Large-volume traders have been consistently selling since October, according to Material Scientist, author of the on-chain analytics site Material Indicators.
Material Scientist wrote on Twitter, “They haven’t purchased a single drop since October and have been straight-up TWAP-selling all this time.”
Some outliers have made the news, and whales — the biggest group of exchange participants — have shown interest in purchasing. Despite this, evidence shows that resistance to $60,000 is rising with time.
In a second article, Material Indicators said, “We have yet to see any of the BTC drops over the previous month purchased with true conviction.”
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The “bitcoin news today” is that the Bitcoin price dip may end Wednesday as Bitfinex bids hint at Fed ‘buy the news’ plans.
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