A sudden dip accompanies squabbling over Fed rate hike policy, with BTC price action recovering lost ground.
Fed still on track for major November rate hike
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly dropping before the Wall Street open, hitting lows of $18,660 on Bitstamp.
A recovery took the pair higher, and it was attempting reclaim $19,000 as support at the time of writing.
The action came as commentators claimed the Fed was softening its policy on rate hikes ahead of the Nov. 1–2 Federal Open Market Committee (FOMC) meeting.
Citing mainstream media quotations from Fed officials, they suggested that the November hike could be the last 75-basis-point adjustment, with smaller ones following.
“Some officials are more eager to calibrate their rate setting to reduce the risk of overtightening,” Nick Timiraos, chief economics correspondent at the Wall Street Journal, summarized.
Source : cointelegraph.com/news/bitcoin-price-hits-1-week-lows-as-fed-rate-hike-rumors-unsettle-market by Cointelegraph By William Suberg - October 21, 2022
