'Too early' to say Bitcoin price has reclaimed key bear market support — analysis
Bitcoin (BTC) crept higher after the June 14 Wall Street open as analysts hoped that long-term support had been preserved.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded above $22,500 at the time of writing, having hit local highs of $23,300 on the day.
The pair had seen a strong bounce after nearing $20,800, with traditional markets likewise recovering after panic set in over United States inflation.
Eyeing where Bitcoin could go next, on-chain analytics resource Material Indicators noted that the market had reclaimed the 200-day simple moving average (200 MA), an important feature of Bitcoin bear markets which acted as support throughout previous price cycles.
Nonetheless, it was "too early to tell" if the 200 SMA would continue to provide an attractive zone, a tweet stated, with the Federal Reserve due to provide inflation cues on June 15.
#BTC just reclaimed the 200 Week MA. Some decent bid liquidity seen on #FireCharts, but too early to tell if it will hold. Expect all eyes to be on the #FOMC conference Wednesday. pic.twitter.com/OEV18iTSrD
Keeping the Fed in mind were most crypto social media commentators, as expectations showed that the majority now favored an outsized rate hike next — 75 basis points instead of 50.
Tomorrow's FOMC expectations are weighted heavily towards extreme 150-175 bps rate hikes pic.twitter.com/l5EW64mnvP
"Currently the market gives a 96% probability that the Fed delivers a 75bps hike on Wednesday. The market had recently been pricing in a 50bps hike but last week's hot inflation data changed that sentiment. (This time last week a 75bps hike was given ~4% chance of occurring)," popular Twitter account @tedtalksmacro wrote in one of a series of tweets on the day.
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