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Bitcoin price has remained volatile after achieving new all time highs. For some days the price tried to hold the position near $60k, but had faced a flash crash as it fell by more than $10k overnight. According to analysts, BTC price could see its last day of downside as the Bitcoiners line up to cash in on Wednesday’s US FED meeting. Notably, bids in the futures price of the flagship cryptocurrency have begun to increase on major crypto assets exchange platforms in a conspicuous sign that the market believes that the asset is destined to gain.
Bitcoiners use sell the rumour, buy the news strategy
Following the Bitcoin price actions and the behaviour of digital assets investors it seems that it is time to sell the rumor, buy the news. Notably, the United States Federal Reserve will deliver key information on the future of asset purchases in a form of qualitative easing. Moreover, the authority will also provide some vital points related to inflation in the nation.
Following the scenario, bets are soaring about the knock-on impact for both cryptocurrency and traditional finance market. According to data following the Bitfinex order book, the traders of the flagship cryptocurrency are eyeing an opportunity to purchase the news.
Bitcoin price witnesses a conspicuous boost
The US FED has been tapering its asset purchases effectively, and has limited the availability of easy money. Notably, accelerating the process could pressure risk assets like the leading crypto asset until a slackening of policy returns.
According to experts in the cryptosphere, this scenario would bring buy-up echo events for the shorter timeframe from last month’s inflation data print. And ultimately produces a conspicuous but a minimal life boost to Bitcoin price.
According to analyst William Clemente, FOMO could be a good chance to sell the rumor and purchase the news event. Clemente further explained that with illiquid supply back at yearly highs and some large Bitfinex bids being made.
Bitcoiners are anything but docile
It has been observed that the whales with increasingly bearish sentiment preserves on exchange order books. Notably, the Material Scientist, creator of on-chain analytics resource Material Indicators, BTC whales have been continually selling since October. The scientists further tweeted to explain that they have bought a single dip since October and have been straight-up TWAP-selling over the period since then. Besides, some headlines have also highlighted that these large volume cohorts have exhibited buying interest. According to data, $60k resistance is still increasing with time, and we are yet to see any of the BTC dips over the last month bought with real conviction.
