First Mover: Bitcoin Enters Wait-and-See Phase Ahead of Fed Statement
  Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets June 16, 2021 Sponsored by  (Price data as of June 16 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole  Bitcoin Enters Wait-and-See Phase Ahead of Fed Statement Bitcoin (BTC) is holding in a tight range as the focus turns to Wednesday's Federal Reserve's monetary policy statement, which could offer clues on the central bank's course of action and inject volatility into financial markets.
The cryptocurrency has been trading in a narrow range of $39,400 to $41,300 since Monday's European trading hours, CoinDesk 20 data show.
"The market is completely neutral ahead of the Fed with only a little spot buying," Brian Tehako, CIO at Warwick Capital Management, said. "Traders are waiting for the Fed announcement."
 Bitcoin hourly chart (Source: TradingView) The event is likely to have a binary market reaction, according to Singapore-based QCP Capital. Binary events are dramatic developments that trigger big moves in either direction.
"If the Fed remains dovish [retains pro-stimulus bias], cryptocurrencies would have the most upside potential until September at least, given the overselling we've seen relative to other macro markets since May's CPI print," QCP Capital noted in its Telegram channel.
Bitcoin tanked from $58,000 to nearly $30,000 in the eight days to May 19. The sell-off began after official data released on May 12 showed the U.S. consumer price index surged to the highest level in almost three years. That renewed fears of an early Fed taper – the gradual unwinding of the liquidity-boosting stimulus.
However, while bitcoin (BTC) dropped in the wake of Fed tightening fears, traditional markets remained resilient, with gold ending May with a 7.8% gain. Equities also remained bid.
That's left bitcoin and cryptocurrencies in general looking relatively cheap heading into the Fed, and could benefit them most on the back of a dovish outcome.
On the flip side, a hawkish surprise could weigh on asset prices. "If they're hawkish on Wednesday, then all bets are off, and we would expect the [crypto] market to revisit recent lows," QCP Capital said.
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Technician's Take by Damanick Dantes, CMT Bitcoin Upside Fades; Lower Support at $34K Bitcoin (BTC) has traded sideways over the past two days as buyers faced resistance at $40,000. Slowing momentum on intraday charts suggests an initial pullback towards $38,000, although stronger support is seen at $34,000.
Bitcoin was trading around $39,200 at press time and is up about 7% over the past seven days.  Bitcoin hourly price chart shows short-term support and resistance levels with RSI (Source: TradingView)
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