Bitcoin price drop could end on Wednesday as Bitfinex offers hint at Fed plans to buy the news

Bitcoin ( BTC ) could see its last day of decline as buyers line up to cash at Wednesday’s US Federal Reserve meeting. On December 14, b...



Bitcoin (BTC) could see its last day of decline as buyers line up to cash at Wednesday’s US Federal Reserve meeting.

On December 14, bids started to rise on the big Bitfinex exchange, a clear sign that the market believes BTC / USD is destined to win.

Time to “sell the rumor, buy the news?” “

The Fed to provide key information on the future of asset purchases – a form of quantitative easing – as well as inflation at the meeting, and bets multiply on the ripple impact for crypto markets and traditional.

Bitfinex order book data suggests that Bitcoin traders are considering an opportunity to “buy the news”.

Like Cointelegraph reported, the Fed’s reduction in asset purchases effectively limits the availability of “easy” money, and speeding up the process could put pressure on risky assets like Bitcoin until political returns ease.

In the short term, however, a buyout would echo the events of the past month. inflation data print, which produces a noticeable but short-lived boost for BTC.

Bitfinex traders were expecting in an area of ​​around $ 44,500 to $ 46,000 on Tuesday, with a spot price currently at $ 46,800 after a day of losses.

“Think the FOMC has a good chance of being a ‘sell the rumor, buy the news’ event,” analyst William Clemente added.

“Pair that with an illiquid bid, annual highs and big Bitfinex auctions. I’m just waiting $ 53,000 to start bidding. Happy to miss part of the move and basically pay for confirmation.

Bitcoin traders anything but docile

Elsewhere, increasingly bearish whale tracks persist on stock order books.

Related: Monster Bull Move Means Whales Could Secure Next Bitcoin Price Hike

Like Noted By Material Scientist, creator of the Material Indicators chain analysis resource, Big Traders have been selling continuously since October.

“They haven’t bought a single dip since October and have been selling TWAP all the time,” Material Scientist commented on Twitter.

Some exceptions have be on the first page, and whales – the largest cohort in volume trading activity – have shown interest in buying. Yet, according to the data, the resistance of $ 60,000 always increases over time.

“We have yet to see any of the BTC troughs over the past month bought with real conviction,” Material Indicators added in a separate post.