Bitcoin sees worst monthly close in 2 years as traders watch $16.7K
Bitcoin (BTC) attempted to flip $17,000 to support on Dec. 1 after sealing its lowest monthly close in two years.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $17,100 in a second intraday charge at higher levels.
The pair managed to avoid losses as the monthly candle closed, instead seeing solid daily gains of around 4.5% for Nov. 30.
Nonetheless, Bitcoin shed 16.2% for the month, making November 2022 its worst since 2019.
The more buoyant mood coincided with comments from the United States Federal Reserve. In a speech on inflation and the labor market, Chair Jerome Powell openly stated that smaller interest rate hikes could begin as soon as December.
“Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt,” he said.
Powell characteristically cautioned on heralding a full turning point in policy, something markets had been keenly awaiting throughout the year.
“Given our progress in tightening policy, the timing of that moderation is far less significant than the questions of how much further we will need to raise rates to control inflation, and the length of time it will be necessary to hold policy at a restrictive level,” he added.
Nonetheless, stocks reacted positively, the S&P 500 and Nasdaq Composite Index ending the day up 3.1% and 4.4%, respectively, in line with Bitcoin.
In responses of their own, meanwhile, crypto market commentators were equally cool on the immediate prospects despite the moderate month-end gains.
Related: Bitcoin capitulation 4th-worst ever as BTC hodlers lose $10B in a week
Crypto Tony warned that bulls were “getting cocky” into December, and that now was not a suitable blind entry
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