{"id":406919,"date":"2022-02-17T18:30:00","date_gmt":"2022-02-17T15:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-extends-decline-below-42k-ahead-of-fresh-fed-comments-on-inflation\/"},"modified":"2022-02-17T18:30:00","modified_gmt":"2022-02-17T15:30:00","slug":"bitcoin-extends-decline-below-42k-ahead-of-fresh-fed-comments-on-inflation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-extends-decline-below-42k-ahead-of-fresh-fed-comments-on-inflation\/","title":{"rendered":"# Bitcoin extends decline below $42K ahead of fresh Fed comments on inflation"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4114c0a21c1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4114c0a21c1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-extends-decline-below-42k-ahead-of-fresh-fed-comments-on-inflation\/#Macro_conditions_stay_grim_for_stocks_crypto\" >Macro conditions stay grim for stocks, crypto<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-extends-decline-below-42k-ahead-of-fresh-fed-comments-on-inflation\/#Lost_bids_add_to_40000_retest_odds\" >Lost bids add to $40,000 retest odds<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin extends decline below $42K ahead of fresh Fed comments on inflation <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) fell further with stocks on the Wall Street open Thursday as nervous markets awaited further U.S. economic policy cues and battled geopolitical tensions.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/f40b73c8-1549-4bc5-851f-be8b7102a5a5.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Macro_conditions_stay_grim_for_stocks_crypto\"><\/span>Macro conditions stay grim for stocks, crypto<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0showed BTC\/USD losing the $42,000 mark for the first time in several days at the start of trading.<\/p>\n<p>The Fed and tensions over Ukraine had already formed a backdrop to lackluster market performance both in crypto and beyond, with that trend staying firmly in force on the day.<\/p>\n<p>With the likelihood increasing that a rate hike could come from the U.S. next month, attention was on James Bullard, president of the St. Louis Fed, ahead of a statement due less than an hour from the time of writing.<\/p>\n<p>Speaking to mainstream <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> Wednesday, Bullard gave strong signals that he was in favor of raising rates harder and faster to combat inflation.<\/p>\n<p>&#8220;We are missing our inflation target on our preferred measure&#8230; and policy is still at rock bottom lows and we\u2019ve still got asset purchases going on,&#8221; he told CNN <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/feds-bullard-repeats-call-faster-pace-rate-hikes-2022-02-17\/\">quoted<\/a> by Reuters. <\/p>\n<blockquote><p>&#8220;This is a moment where we need to shift to less accommodation.&#8221;<\/p><\/blockquote>\n<p>Any hastening of anti-inflation measures would pressure booming stocks, despite multiple rate hikes already notionally priced in. Bitcoin, already heavily correlated with equities, would thus feel the pain in tandem.<\/p>\n<p>Turning to geopolitics, reports of violence in the Ukraine-Russia stand-off added to the sour mood, these coming after conflicting claims of deescalation by Russia and &#8220;imminent&#8221; invasion from the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/02\/17\/ukraine-crisis-us-warns-of-imminent-russian-invasion-as-blinken-heads-to-the-un.html\">U.S. government<\/a>.<\/p>\n<p>The S&amp;P 500 was down 1.2% on the day within the first hour of trading.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Lost_bids_add_to_40000_retest_odds\"><\/span>Lost bids add to $40,000 retest odds<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For Bitcoin, cold feet among traders over the immediate outlook was reflected in bids drying up between $40,000 and current spot levels.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin &#8216;whales&#8217; and &#8216;fishes&#8217; pause accumulation as markets weigh March 50bps hike odds<\/em><\/strong><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1494296043890036736\/\">Data<\/a> from monitoring resource Material Indicators showed that on major exchange Binance, there was now precious little demand in that area, while below the $40,000 mark, similar &#8220;thin air&#8221; paved the way for a potential dip towards $35,000 should a sudden move ensue.<\/p>\n<p>&#8220;Doesn&#8217;t mean that local support can&#8217;t hold or that the fractal has been invalidated yet, but does increase downside risk of longing from this range,&#8221; Material Indicators added in comments on the chart showing the Binance order book.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/934ef5e6-ce4b-4210-96b1-8c2b52bd1c4b.png\"><figcaption style=\"text-align: center;\"><em>Binance order book data chart. Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-extends-decline-below-42k-ahead-of-fresh-fed-comments-on-inflation\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin extends decline below $42K ahead of fresh Fed comments on inflation &#8221; Bitcoin (BTC) fell further with stocks on the Wall Street open Thursday as nervous markets awaited further U.S. economic policy cues and battled geopolitical tensions. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Macro conditions stay grim for stocks, crypto Data from&#8230;<\/p>\n","protected":false},"author":1,"featured_media":406920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDIvZmZhOWFmZmUtNTNmYS00MTRhLTlmNDMtNjlmODMyZWQ4NjVkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-406919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/406919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=406919"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/406919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/406920"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=406919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=406919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=406919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}