Bitcoin holds around $20,500 with FOMC 24 hours away
Bitcoin has, surprisingly, not shown much volatility in the past few days. However, that’s about to change with FOMC in around 24 hours. The expected hike is 75bps and anything below or even on expectation can be considered bullish by market participants.
Meanwhile, the S&P 500 is still within the resistance range, trading at 3,920. We will most likely see volatility here tomorrow since the FOMC decision will come out in midst of tomorrow’s session.
On the other hand, DXY has been falling but the bullish structure is intact as long as it bounces without sweeping the low of 109.58.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin price continues to hover around \(20,500. In the event of a drop, bulls will want to see a bounce from \)20,250 or a strong retest of $20,000 to maintain upward momentum.
However, liquidation clusters highlight \(19,500 and \)17,800 as areas of interest, especially if tomorrow’s FOMC decision causes downward movement.
Ethereum Technical Analysis
The price of ETH failed its reattempt at \(1,600 and is currently trading at \)1,574. We expect a temporary bounce from \(1,550 but ultimately the price is likely to come down to \)1,500.
Moreover, Ethereum’s price has deviated from the mean which can also be seen through Bollinger band expansion on the daily. Given that, we can expect a gradual move toward $1,400 before any upside momentum resumes.
NFT Market Map
Today we launched the beta version of our NFT market map. As per the stats, top NFT collections are seeing an uptick in 24h trading volume. Art Blocks has been holding to the #1 position following the hype around its JPEG mints.
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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.