> ## Content Index > Fetch the complete content index at: https://www.metatalks.ai/llms.txt > Use this file to discover other available public pages before exploring further. # Bitcoin Whipsaws Under Resistance Ahead of FOMC Meeting on Wednesday - URL: https://www.metatalks.ai/bitcoin-whipsaws-under-resistance-ahead-of-fomc-meeting-on-wednesday/ - Published: 2023-03-22T17:32:22.000Z - Updated: 2023-03-22T17:32:22.000Z - Author: Katelyn Chow - Tags: bitcoin, #helen, fedreserve [Crypto Fear and Greed Index](https://alternative.me/crypto/fear-and-greed-index/?ref=metatalks.ai) hit [the highest level](https://cointelegraph.com/news/crypto-fear-and-greed-index-hits-highest-level-since-bitcoin-s-all-time-high?ref=metatalks.ai) since Bitcoin’s all-time high, which is also intuitively confirmed by the strong excitement that has spread on Сrypto Twitter, while the market obviously awaits Fed’s interest rate decision on Wednesday. ![](https://lh3.googleusercontent.com/eUts--rh9HORMFXczxGkRS-Pb9MWAP5rNxnvMugqCkdkElH9FWyLuod59qCuN_1E4GhGKfW5b2-4XDiMAhvSmMVXZ22BqEQv7XrPGKUqb_XaRCvbnSHX4StKZ1lnIo7oxj8IbCh2Jl47SGIUYX9FZ1w) Amid signs of a looming banking crisis in the United States and EU and a [declining CPI](https://www.cnbc.com/2023/03/14/cpi-inflation-february-2023-.html?ref=metatalks.ai) in the US, investors [might expect](https://swissblock.substack.com/p/compass-canary-gauge-special-edition?ref=metatalks.ai) the Fed to pause any further rate hikes sooner rather than later. And if the results of this meeting meet those expectations, the surge higher looks imminent – and vice versa. ![](https://lh3.googleusercontent.com/FrnS4j6BMXcEwPFjyqnh6Pj-SAstdzb4wYzGA0vfuLuCZhLWX7t1Rq90QakePXjvoVL2v-I8pnI_ILI5_vPEOp6YS3F4lUpw4xqp_-mHc1d6FrcFc2lKoT-W_2eZUoDFVvcK2O7wXILQounhWOSsZSk) Although if you zoom out, this upcoming meeting no longer seems so decisive, even if it causes a [10-15% correction](https://coingape.com/markets/btc-price-prediction-increased-supply-at-28000-threatens-10-correction-in-bitcoin/?ref=metatalks.ai). Whether the expected macro movement happens this week, next month, or next quarter, there is no evidence yet that it must be any different this time: ![](https://lh6.googleusercontent.com/tEGJSVdryBZjqRM2Pz0L21fCjY2jVmHRh21s00VlDDDmKil0o2OzhqhRUG-407sMemj8AMsRWmsUlzc4_aXB3H7LgUJv--TVOloOyITYWx1wq7GCtesVzuKwJyzSrdzFk7B2zsp8ehQ7pYKuwR6KrK4) ![](https://lh3.googleusercontent.com/G4ETHGhZRXmFEJ4NPDlSiHs3_WmQqfHW4izzmBJ_Qb4fXPonaUp7oQV99k986WhnoZ9lT79NEaIXPdDF6Esp-oGU1XyNBuhZgw6ctBzayYoE4o9uDJdgXEs2F0okQfloTWpbR106Jp-IuZ7BSapeJuM) Now some crypto enthusiasts [rush to promote](https://decrypt.co/124103/crypto-enthusiasts-rush-promote-bitcoin-safe-haven-status-banking-crisis?ref=metatalks.ai) Bitcoin’s ‘safe haven’ status amidst the banking crisis – again. ![](https://lh3.googleusercontent.com/MhBGEYw8yGpG440Tgrk3ECn7_FlaTfcrTKJ4tXkYn1CmzBKrDrUtv5b-Ke0GyGzIvM-AsD4An9Htibxt9JWYwVDXkoDz4GCNL9DP-i9rnq7-gU2FgV1q0yCVFyGvNji2ViK2qTZ0plqMLqk3-byjd74) Whether or not that’s the case, and [whether the current bitcoin rally vindicates](https://www.coindesk.com/consensus-magazine/2023/03/21/does-bitcoins-rally-vindicate-the-inflation-hedge-thesis-or-is-risk-back-on-the-menu/?utm%5Fmedium=referral&utm%5Fsource=rss&utm%5Fcampaign=headlines) the ‘Inflation Hedge’ thesis or simply global markets [are ready to get back in the risk-on mode](https://swissblock.substack.com/p/compass-canary-gauge-special-edition?ref=metatalks.ai) – time will tell. You may be any skeptical you want regarding that [‘Inflation Hedge’ thesis](https://thebitcoinlayer.substack.com/p/is-bitcoin-an-inflation-hedge-yes) and still have a bullish case: ![](https://lh5.googleusercontent.com/G7svAuQtRVRMEPkMcUhNZKqrfFSFzwSQGl60DEGm5OTKSWOBpKlv0jRXkkTrEQD6a71DvFrBFDsRfs6OVSTH4ovFkkmh-BrOgaZJB4AwBSzT6_UjTLMlpVr9bNEzOg8c4SqjaoPxLv2n_VRX9spR0NQ) Also, the main [value appreciation mechanism](https://jessemyers.substack.com/p/bitcoin-will-5x-in-the-next-3-years) seems to be still in effect. ![](https://lh5.googleusercontent.com/hN8oKO0GlKJfvpKo33rNqJhCG9ehztXUmkAZU3_FlIf9HSMPkrYhbX4U86yg9KEK5DT2LbzdHdJSDvR9C21iSxfFF_BmHhNkWHuCv0UZa7A9BdXPacCNBBceS8z5QGDIh_mbMddx52ejge2jJBOqctw) On-chain data also reveals some bullish trends for Bitcoin amidst the current rally, [according to Glassnode](https://insights.glassnode.com/the-week-onchain-week-12-2023/?ref=metatalks.ai), including the highest transaction activity levels since April 2021. ![](https://lh3.googleusercontent.com/Y6HMXrLr5lW0UfTXdICSo6EzowuUqIpafMEjbZv1OelRaaZXUKsQJ1nf2SABn4EmLeRFj5ygfv3pmODwsrnXz-nWIJfTlb-led0MBRJcW2TD1tTWcsqlv0XRwXs1Y65nPWF0jXiWMq96Z8Q-6jzRmNY) *Source:* [*Glassnode*](https://insights.glassnode.com/the-week-onchain-week-12-2023/?ref=metatalks.ai) And even a somewhat alarming [surge in outflows](https://cryptonews.com/news/bitcoin-outflows-surge-95-million-coinshares-report-reveals-alarming-trend-find-out-more-here.htm?ref=metatalks.ai) from bitcoin-backed investment funds (according to Coinshares data) may have an absolutely ordinary explanation: *“It is evident this sentiment is contrarian relative to the rest of the crypto market, but it may be driven, in part, by the need for liquidity during this banking crisis; a similar situation was seen when the COVID panic first hit in March 2020,” the report said.* “Why am I only talking about bitcoin here?” you may ask. Because for now, it’s just a probable exit from the bear market and a change of trend moment; if it is confirmed, alts will follow hard. So meanwhile, here are a couple more fancy charts (and candidates for Twitter following, too): ![](https://lh6.googleusercontent.com/9GFxvYfk8bzGBWN36sRZYKwdVM_FZSfOwpeuOC4uFbObkH7zbpdAwUmHk-FcshReqtqJQlyzCQKcZmlmE2eFmNszu0NanC4i5bSSb05krNSHzysVz80dMBxtP-HfR61txyuNzGzQyV7-Mvk1aPqBRQA) ![](https://lh3.googleusercontent.com/C8WcoMc4QtkTWHoVdwpRukmxGPlRc9ujiiTeaBQV3xxP4yMtpCD7cdeYyn-AoB227akc3E_lm2ddBIauxCwmDbltATIvWgY0NLINeImojecl7mPD4Yay8sZ1qHjoV-clMdwqpvSOAlz0JgIs30dun9g) > Life is great when number go down > Life is even more great when number go up > > Been euphoric for the better part of the last 4 months > Can’t wait to see where we go next > > — DonAlt (@CryptoDonAlt) [March 21, 2023](https://twitter.com/CryptoDonAlt/status/1638203909788368896?ref%5Fsrc=twsrc%5Etfw&ref=metatalks.ai)