Bitcoin and markets take a hit as Fed shares 2023 rate hikes plan

Bitcoin saw rejection from \(18,300 after yesterday's speech by Powell, which, along with today's jobless claims, brought a lot of selling pressure, pushing BTC down to \)17,500.

As mentioned by Powell, the FED aims to raise interest by 75 bps in the next year and was very clear that the max pain of this restrictive policy is yet to be felt. This can be taken as a hint that we may head lower or at least retest our lows in the coming months.

ETH lost $1,300 with a 4.05% drop in the past 24h and turned out to be the biggest loser among the top 10 cryptocurrencies by market cap.

Meanwhile, the S&P 500 is currently down to 3,970. 3870 is our point of interest which may offer some support, or the S&P 500 will be well on its way to testing June lows again. DXY is mostly stagnant and despite news events in its favor, could not break above 104.3.

Top  altcoin gainers and losers

Gainers

• XinFin Network XDC (+9.26%)
• Bitcoin SV BSV (+4.71%)
• Chiliz CHZ (+2.51%)

Losers

• Toncoin TON (-8.66%)
• Neutrino USD USDN (-6.48%)
• Stacks STX (-6.04%)

Bitcoin Technical Analysis

Bitcoin reached our main target of $18,300 around the 0.5 fib level according to the premium and discount model. Along with the current selling pressure, daily indicators also point towards a retracement in store for Bitcoin.

However, the imbalance towards \(19,000 is still in play and we could see a final squeeze to the top which would punish early shorters as well. On the flip side if we are unable to maintain above \)17,300, chances of another upside surge are greatly reduced.

Ethereum Technical Analysis

Ethereum had a clean rejection from $1,350, which was also the range-top, as seen below. We can also see bearish divergences forming on oscillators, and Ethereum is likely to form a choppy range in the coming days.

Ultimately, however, ETH will rely on Bitcoin to fulfill its targets of \(1,370 and \)1,420. Losing $1,255 however will be troublesome and will confirm the downtrend.

NFT Market Map

Following a drop in the broader market, more NFT collections noticed negative growth in trading volume.

⁴⁄₆ projects in the top 10 saw a decrease of up to 50% in volume, while Gods Unchained became the biggest winner with a 1,360.98% surge.

Top gainers by volume growth (>$10k):

1. Tom Sachs: Rocket Factory - Mars Rocks (+12,063.85%)
2. Bright Moments (+5,195.85% )
3. PrimeEternalChampion (+4,822.10% )
4. Supreme Kong (+2,771.35%)
5. Gods Unchained (+1,360.98%)

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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.