Bitcoin
BTC$44 194.78

1.91%

Ethereum
ETH$2 370.51

-0.24%

Tether
USDT$1.000302

0.02%

Binance Coin
BNB$244.77

4.20%

XRP
XRP$0.687779

6.90%

Solana
SOL$76.42

5.66%

Bitcoin briefly dips below $43K as Fed says rate hike soon appropriate


18 Feb 2022

#Bitcoin

The odds are on for a March rate increase after Wednesday's FOMC minutes, but stocks also fear geopolitical instability this week. Bitcoin (BTC) dipped below $43,000 on Feb. 17 as another day on ranging compounded hopes for an incoming breakout. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD acting in a slightly widened zone with $44,500 as a ceiling over the past 24 hours.

The pair had returned to the top of its intraday range overnight on the back of Federal Reserve comments. Expected to provide cues about potential interest rate hikes, the Federal Open Market Committee (FOMC) minutes from a meeting in late January ultimately provided few surprises. A hike could come in March, but no firm commitment was voiced over the process.

"The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run," an accompanying statement read. "In support of these goals, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent. With inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate."

The FOMC added that it was aiming to halt asset purchases altogether in March, in line with previous plans, with February's purchases due to amount to at least $30 billion. With little in the way of fresh news, crypto markets were thus uninspiring going into Thursday. Zooming out, however, optimism was still firmly present on the strength of the past two weeks' BTC price action.

"My bias has changed a bit and now favor a squeeze towards 53k before mid March," popular trader and analyst Pentoshi said as part of his latest Twitter update.

Others likewise noted the comparatively robust price performance this month compared to previous episodes in Bitcoin's comedown from all-time highs last November. By bouncing at near $33,000 in January, for example, a miner capitulation event — where miners are forced to sell or stop mining altogether due to the Bitcoin spot price being less than their cost of production — was successfully avoided. As Cointelegraph reported, support levels were creeping up throughout recent days as buyers bet on a potential dip being less shallow than previously expected.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 80% 31 $44 194.78 1.91% 13.95% $864 662 582 104 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 80.4% 36 $2 370.51 -0.24% 12.72% $284 977 242 137 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000302 0.02% 0% $90 362 894 198 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 86% 17 $244.77 4.20% 6.71% $37 130 937 126 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 84.8% 28 $0.687779 6.90% 11.78% $37 110 813 461 XRP 7 days price change
6 Solana (SOL) SOL Solana predictions 78.8% 38 $76.42 5.66% 23.68% $32 550 547 517 SOL 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000017 0% 0.01% $24 500 256 641 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 76.8% 38 $0.592594 23.64% 53.34% $20 929 830 721 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 70.8% 53 $0.103093 6.13% 22.44% $14 655 575 281 DOGE 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 76% 50 $32.21 18.70% 46.79% $11 780 639 091 AVAX 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 TRON (TRX) TRX TRON predictions 94% 7 $0.108349 2.94% 4.72% $9 585 997 392 TRX 7 days price change
13 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92.4% 7 $0.108050 3.07% 4.47% $9 559 528 631 WTRX 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 76% 38 $17.16 6.87% 10.20% $9 554 991 817 LINK 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 80% 38 $7.45 18.63% 35.64% $9 346 749 094 DOT 7 days price change

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