Time to say Bye Bitcoin or Buy bitcoin?
By Nov 5th, I'll hope to have known if we break up or down. Consolidation is bullish setup, but could be tricked.
Fre3E P/-\L3T!NE :)
The below is fluff from GPT-4
The price of Bitcoin (BTC) has shown a relationship with the recent Federal Open Market Committee (FOMC) meeting and the subsequent press conference by Fed Chairman Jerome Powell. Here's a breakdown of the different facets of this relationship:
FOMC Meeting Outcome:
The FOMC left the benchmark federal funds rate range unchanged at 5.25%-5.50% during its meeting on October 31 and November 1, 20231.
This decision was widely anticipated, and the statement from the FOMC indicated concerns about tighter financial and credit conditions possibly affecting economic activity, hiring, and inflation. The extent of these effects was noted as uncertain, with the committee remaining highly attentive to inflation risks1.
Bitcoin Price Reaction:
Following the FOMC's decision, the price of Bitcoin remained relatively flat, trading just above $34,500, despite having known to experience a significant amount of intra-day volatility during past FOMC decision days1.
On the day of the FOMC meeting, Bitcoin's price whipsawed near midday, spiking to a high of $35,200 before dipping to $34,080, and later climbing back above $34,6002.
It was noted by some analysts that Bitcoin's price has been in a consolidation phase, with resistance below $35,000. The FOMC decision on interest rates could have triggered a minor dive to sweep liquidity as Bitcoin retests $33,000 support3.
Market Expectations and Analysis:
Market participants looked forward to Fed Chairman Jerome Powell's post-meeting press conference for insights into the future path of U.S. central bank policy, especially as some Fed speakers had hinted at one more rate hike before ending the historic rate hike cycle1.
Some analysts speculated that Bitcoin's price could experience a correction and retest its support level at $33,000, while others observed a notable upswing in Bitcoin prices, fluctuating between $34,100 and $35,000 in the weeks leading up to the FOMC meeting45.
The various analyses and market reactions suggest that while the FOMC meeting and subsequent statements by Fed officials have the potential to influence Bitcoin's price, the exact nature and extent of this influence can be complex and might be intertwined with other market factors.
Bitcoin (BTC) is currently trading at approximately ~$35,400 USD. Here's a breakdown of its recent price action:
Price Change (Last 24 hours): +$525.55 (an increase of approximately 1.49%)
Price Change (Last 1 hour): +0.0195%
Price Change (Last 7 days): +1.41%
Price Change (Last 30 days): +26.37%
Price Change (Last 90 days): +20.09%
Price Change (Last 180 days): +18.73%
24-hour High: $35,173.46
24-hour Low: $34,133.18
7-day High: $35,173.46
7-day Low: $33,414.08
All-Time High (ATH): $67,617.02 (reached on November 9, 2021)
All-Time Low (ATL): $0.0505 (reached on July 17, 2010)
24-hour Trading Volume: Approximately $10.40 billion
Fre3E P/-\L3T!NE :)
The below is fluff from GPT-4
The price of Bitcoin (BTC) has shown a relationship with the recent Federal Open Market Committee (FOMC) meeting and the subsequent press conference by Fed Chairman Jerome Powell. Here's a breakdown of the different facets of this relationship:
FOMC Meeting Outcome:
The FOMC left the benchmark federal funds rate range unchanged at 5.25%-5.50% during its meeting on October 31 and November 1, 20231.
This decision was widely anticipated, and the statement from the FOMC indicated concerns about tighter financial and credit conditions possibly affecting economic activity, hiring, and inflation. The extent of these effects was noted as uncertain, with the committee remaining highly attentive to inflation risks1.
Bitcoin Price Reaction:
Following the FOMC's decision, the price of Bitcoin remained relatively flat, trading just above $34,500, despite having known to experience a significant amount of intra-day volatility during past FOMC decision days1.
On the day of the FOMC meeting, Bitcoin's price whipsawed near midday, spiking to a high of $35,200 before dipping to $34,080, and later climbing back above $34,6002.
It was noted by some analysts that Bitcoin's price has been in a consolidation phase, with resistance below $35,000. The FOMC decision on interest rates could have triggered a minor dive to sweep liquidity as Bitcoin retests $33,000 support3.
Market Expectations and Analysis:
Market participants looked forward to Fed Chairman Jerome Powell's post-meeting press conference for insights into the future path of U.S. central bank policy, especially as some Fed speakers had hinted at one more rate hike before ending the historic rate hike cycle1.
Some analysts speculated that Bitcoin's price could experience a correction and retest its support level at $33,000, while others observed a notable upswing in Bitcoin prices, fluctuating between $34,100 and $35,000 in the weeks leading up to the FOMC meeting45.
The various analyses and market reactions suggest that while the FOMC meeting and subsequent statements by Fed officials have the potential to influence Bitcoin's price, the exact nature and extent of this influence can be complex and might be intertwined with other market factors.
Bitcoin (BTC) is currently trading at approximately ~$35,400 USD. Here's a breakdown of its recent price action:
Price Change (Last 24 hours): +$525.55 (an increase of approximately 1.49%)
Price Change (Last 1 hour): +0.0195%
Price Change (Last 7 days): +1.41%
Price Change (Last 30 days): +26.37%
Price Change (Last 90 days): +20.09%
Price Change (Last 180 days): +18.73%
24-hour High: $35,173.46
24-hour Low: $34,133.18
7-day High: $35,173.46
7-day Low: $33,414.08
All-Time High (ATH): $67,617.02 (reached on November 9, 2021)
All-Time Low (ATL): $0.0505 (reached on July 17, 2010)
24-hour Trading Volume: Approximately $10.40 billion
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