{"id":527050,"date":"2022-12-15T00:08:58","date_gmt":"2022-12-14T21:08:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/here-is-why-bitcoin-price-gave-back-all-its-intraday-gains\/"},"modified":"2022-12-15T00:08:58","modified_gmt":"2022-12-14T21:08:58","slug":"here-is-why-bitcoin-price-gave-back-all-its-intraday-gains","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/here-is-why-bitcoin-price-gave-back-all-its-intraday-gains\/","title":{"rendered":"# Here is why Bitcoin price gave back all its intraday gains"},"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-6a36001120268\" 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-6a36001120268\" 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-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/here-is-why-bitcoin-price-gave-back-all-its-intraday-gains\/#%E2%80%9D_Here_is_why_Bitcoin_price_gave_back_all_its_intraday_gains_%E2%80%9C\" >&#8221; Here is why Bitcoin price gave back all its intraday gains  &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/here-is-why-bitcoin-price-gave-back-all-its-intraday-gains\/#Rising_interest_rates_and_hawkish_talk_from_Powell_impact_BTC_price\" >Rising interest rates and hawkish talk from Powell impact BTC price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/here-is-why-bitcoin-price-gave-back-all-its-intraday-gains\/#What_will_Bitcoin_do_next\" >What will Bitcoin do next?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Here_is_why_Bitcoin_price_gave_back_all_its_intraday_gains_%E2%80%9C\"><\/span>&#8221; Here is why Bitcoin price gave back all its intraday gains  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-30a6cf80>On Dec. 14, Bitcoin (BTC) price hit a 1-month high and saw a brief resurgence in bullish momentum, but the Federal Reserve\u2019s Federal Open Market Committee (FOMC) hawkish report and comments from Fed chair Jerome Powell sent BTC to an intraday low at $17,659.\u00a0<\/p>\n<p>Stocks and Bitcoin started the day slightly up but quickly retracted on the FOMC report. To date, Bitcoin price remains closely correlated to equities and a majority of investors have concerns about the impact of further rate increases in the future. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/9a4f5928-e6be-4b49-94d2-39b318172624.png\"><figcaption style=\"text-align: center;\"><em>BTC correlation to Dow Jones and S&amp;P 500. TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Rising_interest_rates_and_hawkish_talk_from_Powell_impact_BTC_price\"><\/span>Rising interest rates and hawkish talk from Powell impact BTC price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While the Consumer Price Index (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">CPI<\/a>) report showed easing inflation at 7.1%, Powell still wants to reach 2% overall inflation. Inflation has been a determining factor in raising interest rates and the current 0.5% hike had consensus amongst FOMC participants. The Fed members also agree that rate hikes should continue in 2023. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/ebc6d6b5-8810-4c84-9c18-771b82733487.png\"><figcaption style=\"text-align: center;\">FOMC survey for future interest rate hikes. Source: Federal Reserve<\/figcaption><\/figure>\n<p>During the Dec. 14 press conference, Powell stated:<\/p>\n<blockquote><p>\u201cWe may see higher rates for a longer period to achieve the 2% inflation goal\u201d<\/p><\/blockquote>\n<p>This hawkish tone, combined with the FOMC survey shows interest rates will continue to rise for the foreseeable future. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_will_Bitcoin_do_next\"><\/span>What will Bitcoin do next?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The short-lived Bitcoin rally ahead of Powell\u2019s speech correlated to the price action seen across other risk assets. After the FOMC and Powell\u2019s speech, these assets continued to retrace and some analysts see the recent dip as a metric to buy more Bitcoin.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/3c51cfdc-1c13-471a-8662-a89c509b0216.png\"><figcaption style=\"text-align: center;\"><em>Risk asset correlation. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n<p>Late longs to the current rally could also be at risk of liquidation if BTC price continues to retrace. According to derivatives data, Bitcoin open interest shows 60.16% of traders are long.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/541e5965-e471-4d4f-8bdc-61d1a9a4e369.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin long versus short ratio. Source: Coinglass<\/em><\/figcaption><\/figure>\n<p>Currently, the market is digesting the views expressed by the FOMC and Powell, so a spike in short-term volatility is not abnormal. Investors should keep an eye on the next few daily closes to see whether Bitcoin\u2019s macro trend has changed. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\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\/here-is-why-bitcoin-price-gave-back-all-its-intraday-gains\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Here is why Bitcoin price gave back all its intraday gains &#8220; On Dec. 14, Bitcoin (BTC) price hit a 1-month high and saw a brief resurgence in bullish momentum, but the Federal Reserve\u2019s Federal Open Market Committee (FOMC) hawkish report and comments from Fed chair Jerome Powell sent BTC to an intraday low&#8230;<\/p>\n","protected":false},"author":1,"featured_media":527051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/ec3de542-0d67-4aee-bd39-9c03bf7a59ba.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,75022,74863,79109,70550,70552,73785,70359],"class_list":["post-527050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-central-bank","tag-cryptocurrencies","tag-interest-rate","tag-federal-reserve","tag-interest-rates","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/527050","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=527050"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/527050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/527051"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=527050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=527050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=527050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}