Economy

Bitcoin Calls Traders Scam With New $40,000 Fake As Federal Reserve Decision Day Approaches

March 16, 2022
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Bitcoin (BTCThey tested ETFs again on March 16th as a new high of more than $40,000 ended in minutes.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Pants feel the burn after a surprise trip to 41,700 dollars

information from Cointelegraph Markets Pro And the TradingView Show BTC/USD suddenly climbing to $41,700 on Bitstamp – before it immediately reversed.

All it takes is 2 candles per hour for the entire market to go up $2000, break significant resistance levels and go back down again.

This movement while popular latelywas not without victims, as evidenced by the liquidations through the exchanges.

According to the data from the on-chain monitoring resource CoinglassBitcoin has earned $98 million of these in the 24 hours as of the time of writing. Total cryptocurrency liquidations for this period amounted to just over $200 million.

Cryptocurrency filter chart. Source: Coinglass

While still in the middle of a stable trading range, BTC/USD took resistance at both $40,000 and $41,000 before the latter consolidated once the pair contracted.

On Wednesday, $41,000 remained a sell-side pressure, but a significant increase from $40,000 sellers has yet to show, data from Binance’s order book compiled through physical resource monitoring indicators showed.

BTC/USD (Binance) order book chart. Source: Material Indicators

‘Party snooze’ until the Fed’s rate hike announcement?

For analysts, meanwhile, the recent past has paled in importance compared to what the near future was fitting for him on Wednesday.

Related: Bitcoin Risks “Bear Market Capitulation” As Wealthy Investors Continue Selling BTC – Analyst

At 2 PM ET, the US Federal Reserve is preparing to reveal moves in interest rates, something many have been watching with interest as a potential shift in the rate model.

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For the famous Crypto Ed trader and analyst, there was nothing to see until the news arrived.

Meanwhile, PlanC’s Twitter account argues that the market has already accounted for an expected 0.25% rate hike, but that this will not help the overall inflationary forces – which arguably advertise BTC as a store of value.

“The Fed will raise interest rates by 25 basis points, which are already priced and will do nothing to stop inflation,” the calculation Summarization.

BTC/USD is trading at around $39,500 at the time of writing, still higher Tuesday levels.