Bitcoin traders await FOMC, Powell as BTC price hits new 1-month high
Bitcoin (BTC) set new one-month highs on the Dec. 14 Wall Street open on a day full of key events for the United States Federal Reserve.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $18,126 on Bitstamp, beating the $18,106 high from the day prior.
U.S. stocks edged higher as markets eagerly awaited feedback from the Fed after the November Consumer Price Index print showed inflation slowing beyond expectations.
Dec. 14 was set to see a decision on rate hikes for the month from the Federal Open Market Committee (FOMC), together with a speech from Fed Chair Jerome Powell.
The latter event tends to spark considerable volatility, with pundits closely scrutinizing Powell’s language for hints about longer-term economic policy.
“With FOMC coming up today, we’re at a crucial stage,” popular trader Crypto Ed summarized in a Twitter thread.
Crypto Ed nonetheless warned that an upward reversal for the U.S. Dollar Index, combined with a stepwise decline in stocks, would scupper Bitcoin bulls’ euphoria.
“A decoupling would be nice, but unlikely,” he added.
Michaël van de Poppe, founder and CEO of trading firm Eight, was overall more bullish on BTC.
“The markets fell from $20K to $15.6K due to the FTX collapse. We’re currently trading at $18K, slightly higher than the low in June,” he told Twitter followers in one of several posts.
Prior to that, Van de Poppe had given upside targets of up to $18,300, with $17,200 needing to sustain as support.
Entertaining a bearish end to events, traders including Crypto Tony and Il Capo of Crypto went against the grain.
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For Crypto Tony, a trip as low as $10,000 was “not out of the question yet,” while
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