Bitcoin breaks down as market buys the CPI and sells the FOMC
Bitcoin is down 7.6% from its local top, and briefly went down to \(16,900, breaking below the \)17,000 mark. Macro headwinds like ECB’s hawkish comments, UK disappointing retail sales data, and Russian missile attacks against Ukraine can be attributed for the sentiment hit.
Meanwhile, the S&P 500 maintains support at 3,800 but it is unlikely to hold as today’s market session continues. DXY showed its first sign of strength yesterday, with a reclaim of 104.5 and could be starting to shift market structure as Euro topped out against the USD recently and could start its corrective wave, but it’s too early to tell right now.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin has broken below $17,300 which could’ve proven to be a key level in protecting the market structure shift from bullish to bearish. Looking at the chart below along with our recent economic news and projections, the local top seems to be in and we are likely headed towards a range-low once again. We can expect to see minor moves to shake out shorts in this downtrend as always, but they should continue to form lower highs and lower lows.
Ethereum Technical Analysis
Ethereum was also unable to defend the \(1,255 level mentioned yesterday and shows a clear structure break in the chart below. \)1,255 will now act as resistance for an underside test and is likely to be tested again to get rid of late shorters. It is better to target, $1,080 which is the range-low before any bullish scenario starts to develop.
NFT Market Map
Big NFT collections recorded more trading volume while smaller ones were bleeding due to the bearish market sentiment.
Other collections with three-digit gains:
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.