Bitcoin set to end January with its best monthly performance since October 2021

Bitcoin price has been oscillating in the same range with no real directional action ahead of the FOMC and interest rate hike tomorrow, Feb. 1, 2023, at 7 PM UTC.

The market’s next move depends on whether we get a 25 bps hike (as analysts expect) or a surprise, 50 bps announcement.

Altcoins had mixed reactions to the current state of the market. ETH (-1.48%) chose the red zone while DOGE (+7.52%) outperformed most coins after Twitter’s plan to integrate crypto payments was revealed.

Meanwhile, the S&P 500 remained stable around 4,038 whereas, DXY made minor gains, moving up to 102.3 from 101.9.

Notably, however, Bitcoin is set to end January with a gain of just under 40% — its best performance since October 2021.

Top  altcoin gainers and losers

Gainers

• Dash DASH (+8.88%)
• Dogecoin DOGE (+7.52%)
• Fantom FTM (+4.19%)

Losers

• Radix XRD (-11.25%)
• BitDAO BIT (-10.65%)
• Mina MINA (-8.82%)

Bitcoin Technical Analysis

Bitcoin has faced a lot of selling pressure over the last few days after it rose beyond market expectations, entering overbought territory.

Currently trading at \(23,100, we can see volumes declining and there isn't any real support for BTC until \)20,000, followed by $17,000. Tomorrow’s rate hike will likely result in high volatility, taking out traders on both sides of the spectrum.

Ethereum Technical Analysis

Ethereum has not had the same strength as Bitcoin, unable to break any local highs even on smaller time frames. Such weakness typically does not go unexploited and we expect the price to eventually settle around $1,253 after the FOMC-induced volatility wanes.

NFT Market Map

Except Gods Unchained (+2.06%), all NFT collections in the top 10 list today saw a pullback in daily volumes, ranging from 0% to as much as -70%.

Dookey Dash players have roughly another week to compete, so SewerPass (-53.38%) and other Yuga Labs collections like Bored Ape Yacht Club (-65.45%), MutantApeYachtClub (-23.13%), and Otherdeed (-69.12%) were still on the top, but their volume growth got hit heavily.

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.