Bitcoin reclaims $16K ahead of FOMC minutes as market deals with a curveball
After briefly falling below $16,000, Bitcoin has reclaimed that level, but contagion fears and speculations due to Genesis trading failing to raise funds remain in play.
The market sentiment was further affected by a potential CRV short which could affect DeFi leaders CRV and Aave.
While the S&P 500 is holding on to 3,950 as it moves sideways, DXY is meeting resistance. Even though BTC is up above $16,000 for now, volatility can be expected as FOMC minutes are released tomorrow.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin is making a move for \(16,500 and, ultimately \)17,000. This is, however, most likely a dead cat bounce as mentioned yesterday and there is a high chance that we see another lower low around \(14,700, which was our initial target. Momentum indicators are extremely oversold on all major time frames but if Bitcoin is unable to break through \)16,300, we could go down regardless.
Ethereum Technical Analysis
Ethereum met its breakdown target as forecasted earlier. Currently, its undergoing a relief move along with Bitcoin. Ethereum has a cluster of short liquidations stacked up around \(1,200 and this move will most likely end around \)1,200 - $1,250 as well.
NFT Market Map
The NFT world continued to see modest gains in trading volume today as the total market cap fell to $11.3B.
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from 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.