Bitcoin on February 16, 2022 – Neither FED nor to be done

From $44,000 to $53,000 – Bitcoin (BTC) halts at $44,000, bears and bulls eye each other as they wait for news of any action taken by the US Federal Reserve (FED) in an attempt to control inflation.

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Bitcoin at $44,000: Indecision Awaiting Guidance from the Federal Reserve

The price of bitcoin momentarily loses the $44,000 today, February 16, 2022, before bouncing back and resuming this level. Bitcoin is trading at $44,047 at the time of writing, and is currently in a daily loss of 1.15%.

Bitcoin had touched $44,500 yesterday, February 15, 2022. Its price took a dip today as traders waited at 7:00 p.m. UTC for the written document that covers the meeting of the Federal Open Market Committee (FOMC) of end of January 2022.

Traders were expecting more precisely guidance from the US Federal Reserve on inflation, on the reduction of asset purchases, and above all on a timetable for raising interest rates. Announcements of a rate hike would not only put pressure on traditional markets, but also on crypto markets.

Can bulls still run up to $50,000 and moredespite this growing pressure from the FED?

Bitcoin’s daily chart has formed an “Inverted Head and Shoulders” pattern that typically appears at the bottom of a bearish rally. Bloomberg sees this setup as a future path to new local highs which could be around $53,000. Bitcoin needs to break the resistance at the neck line for this.

Achieving such a scenario would imply an 18% upside, as bitcoin has undergone a correction for the past 100 days. By touching $53,000, bitcoin would then confirm an exit from this correction, but its price would still be 20% below its historical high of $69,000.

The markets are still waiting for this famous bullish breakout which would confirm the solidity of the current rise in the price of bitcoin. The time is currently indecision, the next few days will be those of a happy or unhappy outcome for the bulls.

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