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News/Bitcoin trading below $20,500 ahead of FOMC

Bitcoin trading below $20,500 ahead of FOMC

Nov 2 2022

2 years ago6 mins read
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Bitcoin has fallen down to $20,400 with less than 3 hours to go till the fed’s latest interest rate decision. The expected rate hike is 75bps given the perceived strength of the economy. Both a 50bps hike or a 100bps hike appears unlikely at this point.

Meanwhile, the S&P 500 saw selling pressure at 3930 on Tuesday and has broken down to 3843, whereas DXY is mustering up momentum to break through 111.7. Today’s decision will bring a lot of volatility into markets and set a clearer direction for the rest of the month.

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Top altcoin gainers and losers

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Bitcoin Technical Analysis

Bitcoin price has made a double top at \(21,000. If the interest rate decision is taken negatively we could lose \)20,000 and move to \(18,900. Currently, multiple indicators on  H4 and H1 time frames signal oversold conditions, hinting at an initial upside move that could be met by a swift rejection at \)20,600 taking us below $20,000.

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Ethereum Technical Analysis

Ethereum saw a 4% move and went up to \(1,600 as mentioned previously before being knocked back down to \)1,540 for support. Currently forming a range within the demand zone at \(1,550, [price of ETH](https://coin360.com/coin/ethereum-eth) looks to be doing okay on H4 and H1 time frames, much like Bitcoin, but the daily time frame and liquidation map suggest \)1,350 could be seen in the coming days.

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NFT Market Map

In the NFT universe, most of the top collections by volume saw an upside trend.

HEXGO just finished a successful mint to record a 1,673% surge in 24h trading volume. The project claimed it had sold out all the NFTs in under 3 minutes.

Meebits also marked an over 400% surge in trading volume as its social engagements, measured hourly, hit 2.3M — 5.03K% above the 7D average.

View more on our new NFT market map.

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Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.

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For more daily updates and news, follow us on Twitter.

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.

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