A Whipsaw For Bitcoin After Fed Disclosure<\/h2>\n
According to TradingView data, the BTC price saw a bit of a whipsaw in response to the central bank\u00a0announcement, rising to an intraday high of $18,377 before falling to a low of $17,663 in a few of hours before bulls pushed it back up above the\u00a0$17,800 support.<\/p>\n
Prior to Powell’s announcement, the key indexes were in the green zone; however, they plunged into the red zone afterwards. At the close of trading, the Dow Jones, Nasdaq, and S&P were all in painted in crimson.<\/p>\n
Powell<\/a> told members of the press\u00a0on Wednesday afternoon that “we have more work to do” and that “inflation risks are on the upside.”<\/p>\n Coingecko statistics<\/a> indicates at the time of writing\u00a0that Bitcoin (BTC) and Ethereum (ETH) values have fallen by more than 2.7% in the last hour and are presently trading at $17,717 and $1,292 apiece.<\/p>\n In the past 24 hours, the market capitalization of all cryptocurrencies declined 1.42 percent to $857.98 billion, representing a decline of $85.72 billion. The overall crypto market volume during this timeframe has decreased by 14.40%, reaching $45.67 billion, based on latest data.<\/p>\n In its Crypto Outlook For 2023 report by Forbes<\/a> Advisor, it predicts that Bitcoin’s price could decline to $13,560 in 2023, given that the crypto’s reputation has been severely damaged by the problems and scandals of 2022 and that broader markets are suffering.<\/p>\n Jim Wyckoff, a senior technical analyst at Kitco, has a different take: he said that Bitcoin’s surge to $18,377 indicates a five-week high, which actually signals optimism in the crypto’s price trajectory.<\/p>\n The markets fell from $20K to $15.6K due to the FTX collapse.<\/p>\n We’re currently trading at $18K, slightly higher than the low in June.<\/p>\n I understand the bearish thesis, but this is honestly a sign of strength for #Bitcoin<\/a>.<\/p>\n<\/p>\n
BTC total market cap at $341 billion. Chart: TradingView.com<\/a><\/pre>\n
The Experts’ Crystal Ball: BTC Price For 2023<\/h2>\n
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