Is Bitcoin bullish or not? Here's what's really going on with the BTC price

Data suggests BTC is finally bottoming out, but is it time to buy?

Since March 2022, traders and so-called analysts have been predicting a policy shift or pivot from the US Federal Reserve.

Apparently, such a move would prove that the only option available to the Fed is to print into oblivion, further diminishing the value of the dollar and enshrining Bitcoin (BTC) as the future global reserve asset and ultimate reserve of value.

Apparently.

Well, on November 2, the Fed raised interest rates by the expected 0.75%, and stocks and crypto rallied as usual.

But this time there was a twist. Ahead of the Federal Open Market Committee (FOMC) meeting, there were a few unconfirmed leaks indicating that the Fed and White House were considering a "policy pivot".

According to comments published by the FOMC and at Jerome Powell's press conference, Powell pointed out that the Fed is aware of and monitors the impact of policy on markets and that the latency of interest rate hikes interest is recognized and taken into account.

The Fed said:

"In order to achieve a monetary policy stance tight enough to bring inflation down to 2% over time. In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of policy monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”

Sounds a bit pivotal, doesn't it? The crypto market seemed to think not, and shortly after Powell gave his live comments, Bitcoin, altcoins and stocks retracted their brief single-digit gains.

The shock here is not that Bitcoin's price pulled back before the FOMC meeting, rallied after the estimated rise was announced, and then pulled back before the stock market closed. This was to be expected, and I wouldn't be surprised if BTC moved back to the lower end of $21,000, as $20,000 seems to be solidifying as support.

What is surprising is that there was a spike in pivotal language and the markets did not react...