The Federal Reserve meeting will finish on December 14 and the majority expect the central bank to hike rates by 50 basis points, according to the FedWatchTool.

Both events are likely to boost the crypto volatility in the near term but it is difficult to predict the direction of the breakout. While several analysts expect Bitcoin to continue its decline and reach $10,000, Arthur Hayes, the former CEO of crypto derivatives platform BitMEX, thinks otherwise.

In an interview with podcaster Scott Melker, Hayes said that the “largest most irresponsible entities” do not have any Bitcoin on their balance sheet because they have already dumped them. He added that “pretty much everyone who could go bankrupt has gone bankrupt.” Hence, he thinks that Bitcoin may have made its low for this cycle and could be getting ready for a rally in 2023.

We said in our previous analysis that the flat 20-day exponential moving average (EMA) and the relative strength index (RSI) near the midpoint hinted at a range-bound action in the near term and that is what happened.

Bitcoin continues to oscillate near the 20-day EMA, indicating indecision between the bulls and the bears. However, this phase of uncertainty is unlikely to continue for long.

The volatility could soon pick up and the BTC/USD pair may start a trending move.

If buyers thrust the price above the overhead resistance at $17,568, the pair could pick up momentum and soar toward the psychological level of $20,000. This level could act as a hindrance but on the way down, if bulls flip the $17,568 level into support, the likelihood of a rally to $21,500 increases.

Contrary to this assumption, if the price turns down and plummets below $16,679, it will suggest that the bulls have given up and are closing their positions. That could pull the price to $15,992. Such a move could indicate that the pair may stay within the $15,460 to $17,568 range for some more time.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!


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