Bitcoin remains choppy around $23,000 as market awaits FOMC decision
Bitcoin has been holding onto higher prices last week despite its bearish divergences and strong economic indicators, such as jobs and PCE numbers.
This strength has been waning, and is unlikely to continue. We’ve been expecting the rally to end and Bitcoin is likely to make a strong move with the FOMC meeting on Feb. 1, 2023.
Meanwhile, the S&P 500 has tried to reach newer highs but remained in need of more momentum. Its inability to break the previous high of 4,180 is also a sign of weakness.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin remains trading around \(23,000 levels, testing new resistance at \)23,900 but failing to break through. Looking at the volume’s declining trend as the price continues to rise higher — we can see signs of a top formation and it is only a matter of time before a correction hits the charts.
Ethereum Technical Analysis
Ethereum remains similarly weak, unable to print a new high like Bitcoin, and got rejected from \(1,660, crashing down to \)1,585.
Volume continues to lower for the Ethereum pair as well, and in comparison, sell volume spikes remain more prominent in the pair. \(1,512 is our short-term support after which we’re looking at \)1,350 or lower.
NFT Market Map
SewerPass (+62.03%) continued to top the NFT leaderboard as Dookey Dash players tried to win the game in anticipation of prizes for the highest-ranked passes.
Proceed w/ Caution (+52.67%), Checks (-35.06%), and SeizeTheMeebs (+22.86%) joined the top 10 volume list as newly-created collections. The sneak peek of Proceed’s phase 2 and phase 3 appeared to trigger the surge in volume.
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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.