Bitcoin (BTC) could come across its last solar day of downside as buyers line upwards to cash in on Wednesday'south United States Federal Reserve meeting.

On Dec. fourteen, bids began increasing on major exchange Bitfinex in a conspicuous sign that the market believes BTC/USD is destined to gain.

Fourth dimension to "sell the rumor, purchase the news?"

The Fed volition deliver central information on the future of asset purchases — a grade of quantitative easing — every bit well every bit inflation at the coming together, and bets are rising about the knock-on touch on for both crypto and traditional markets.

Data from Bitfinex's order book suggests that Bitcoin traders are eyeing an opportunity to "buy the news."

As Cointelegraph reported, the Fed tapering its nugget purchases effectively limits the availability of "piece of cake" money, and accelerating the procedure could force per unit area risk assets such equally Bitcoin until a slackening of policy returns.

For the short term, nevertheless, a buy-upward would repeat events from final month'due south inflation information print, this producing a conspicuous but short-lived boost to BTC.

Bitfinex traders lay in wait in an expanse roughly between $44,500 and $46,000 Tuesday, with spot price currently at $46,800 after a day of losses.

"Think FOMC has a good chance to be a 'sell the rumor, buy the news' consequence," analyst William Clemente added.

"Pair that with illiquid supply back at yearly highs and some large Bitfinex bids coming in. Just waiting for $53K to commencement bidding. Happy to miss some of the motility and essentially pay for confirmation."

Bitcoin traders anything but docile

Elsewhere, bear witness of increasingly surly whales persists on substitution order books.

Related: 'Monster bull move' means whales could secure the next Bitcoin price surge

As noted past Cloth Scientist, creator of on-chain analytics resource Material Indicators, big-book traders have been continually selling since October.

"They've non bought a single dip since October and accept been straight-up TWAP-selling all this fourth dimension," Fabric Scientist commented on Twitter.

Some exceptions have hit the headlines, and whales — the largest volume cohort of exchange activity — have exhibited buying interest. Yet according to the data, $60,000 resistance is still increasing with time.

"We have yet to see any of the BTC dips over the last month bought with real confidence," Fabric Indicators added in a separate post.