Bitcoin price holds still ahead of February FOMC meeting
Bitcoin is maintaining its price level of around $22,900 despite selling pressure mounting. Bearish signs are clear from looking at the volume bars for each hour spent in the current range, however, we are yet to witness a sharp drop, even as a strong labor market, increased GDP, and higher Core PCE, all hint at rising inflation.
With the weekend upon us, it will be curious to see how BTC and the market trades ahead of the FOMC on Feb. 1, 2023. Meanwhile, the S&P 500 keeps bouncing back harder with each correction, currently trading at 4,062. Looking at it along with crypto, either we go down from here or one final explosive leg up is in store to trap bulls before dragging them down. DXY is still in play and remains strong at the support of 102.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin still hovers around \(22,900 despite bearish news piling up, including low jobless claims, high GDP, and an increase in Core PCE. Such price action is more likely than not to be a trap. We can see a spike in selling volume at every time frame and order book data suggests we should see \)21,000 soon as our first support, but one final push towards the upside is still in play to get rid of early shorters based on news events.
Ethereum Technical Analysis
Ethereum started to slow down on the way up which showed exhaustion towards the upside, but it is not slowing down as we head into the correction phase. Bitcoin remains stable at \(22,900 but Ethereum keeps going lower with its support, and currently trades at \)1,572. Sell volume spikes are much more prominent in the pair, indicating stronger bearish bias. Once again, a final push could be in play to get rid of early shorters but $1,450 is close and will not be the end of the dump.
NFT Market Map
After two days of dwindling volumes, the NFT market appears to have picked up today, with green across the board. All Yuga Labs’ collections, as well as other popular ones, including AKCB saw volumes surging. Notably, the SewerPass collection remains highly popular with increases in both volume and floor price.
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.