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News/Bitcoin price retraces toward $18,000 as U.S stocks drop on opening
5 days ago3 read

Bitcoin price retraces toward $18,000 as U.S stocks drop on opening

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Yesterday, after SPX found support at 3,850, Bitcoin (BTC) price was also able to bounce from $18,200 and rally up to $19,707. However, the crypto market leader soon lost momentum and is now trading back around $19,000 as traditional markets opened in the red.

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Traders are eagerly waiting for tomorrow's FOMC meeting which will reveal the latest rate hike alongside providing guidance for the next few months. Majority of the analysts expect a 75 bps increase instead of 100 or 50 bps.

While volatility is guaranteed, we can expect some upside in the case of 75 bps as that rate is most likely priced in already. If we do decide to go down, BTC may breakdown fast, reaching levels as low as $14,700.

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Top altcoin gainers and losers

Gainers:

Apecoin APE (+13.30%) Stellar Lumens XLM (+8.85%) Algorand ALGO (+7.19%)

Losers:

Phoenix Global PHB (-24.37%) Toncoin TON (-14.28%) Cosmos ATOM (-7.50%)

BTC Technical Analysis

Yesterday’s relief rally to $19,700 removed all the late shorts in this move up but BTC was unable to break out. Now back at $19,000 once again, Bitcoin is starting to show downward pressure with volume expansion seen on the one-hour chart. Market participants will want to see if $18,200 level will set up a double bottom, otherwise we may see $17,700, from the June crash, as our next level of support.

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ETH Technical Analysis

Ethereum has been a target of post-merge memes, and rightly so, since most holders lost 20%+ instantly with the merge on September 15. Price plummeted from $1650 to $1270 on that day and is currently sitting at $1340 after finding some support yesterday.

Notably, there's a cluster of longs on ETH futures starting from $1500-$1650. With $1,575 as the price where most longs were opened and their liquidation sitting right under $1,250, we can see a long squeeze as the downside increases, with Ethereum potentially visiting $1,060

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Coin360 Daily Digest

Apart from news that MicroStrategy spent $6 million buying BTC at an average price of $19,851, here's a quick rundown of all the major crypto market news today.

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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.