Bitcoin dip below $40K follows Fed signal of a possible fourth rate hike in 2022

Bitcoin dip below $40K follows Fed signal of a possible fourth rate hike in 2022


Global financial markets, stocks and cryptocurrencies took a knock on Jan. 10 after rumors that the Federal Reserve may hike interest rates four times in 2022 circulated and sparked a sell-off and sent the benchmark 10-year Treasury yield briefly above 1.8%.

Data from Cointelegraph Markets Pro and TradingView shows that a massive wave of selling broke Bitcoin’s (BTC) support near $42,000, resulting in a plunge to $39,660 before buyers stepped in to buy the perceived dip.

BTC/USDT 1-day chart. Source: TradingView

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Here’s what analysts are saying about this latest drawdown in BTC and what could possibly come next as analysts watch to see what the impact of the Fed’s easy money policies ending means for risk on assets.

A shrinking money supply is bad for Bitcoin

The Fed’s shifting

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