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Federal Reserve’s comments may suggest Bitcoin price dip may end on Wednesday

Bitfinex traders have strong faith that Bitcoin's price dip may end on Wednesday. This has pushed them to bet on an upside that follows comments on inflation and asset purchases made by the Federal Reserve. 

Currently, many buyers are lined up waiting to cash in BTC at Wednesday’s Federal Reserve meeting. Bids began increasing steadily on different exchanges such as BitFinex on December 14, and this is a saying that the market is looking forward to BTC gain.

In the United States Federal Reserve meeting, it is expected that the organization will give critical information on the future of asset purchases, which is a form of quantitative easing. They will also talk about inflation. Bets are currently spiraling, impacting both the crypto and traditional markets.

 

Light at the end of the tunnel

Bitfinex data suggests that Bitcoin traders are looking forward to an opportunity to buy the news. According to the Cointelegraph report, when the Federal Reserve manages asset purchases well, it will limit the availability of quick, easy money, accelerating the process, increasing the risk of asset pressures on assets such as Bitcoin. There’s, therefore, a need for the right policy as a short-term move. 

Buyers are looking forward to compensating for the inflation they faced, which indicates BTC is going up. On Tuesday, Bitcoin was between $44k and $46k as BitFinex traders anticipate a price increase. 

Bitfinex bids are high, considering Bitcoin has an illiquid supply. Some are waiting for the $53K level to start with bidding.

The whales struggle with the bear market to remain relevant in exchange order books. According to on-chain analytics, large-scale traders have been increasingly selling since October. They have not looked back despite the dips that have happened. There are some exemptions, and whales have shown a buying interest. On-chain analytics suggests the 60k resistance will still increase with time. There is yet to be a time where the BTC dips have been bought with conviction.

Photo by Markus Winkler on Unsplash

Marcia

Marcia

Marcia is a real crypto fan, specialized in bitcoin and NFT news.

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