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News/Bitcoin trading below $20,500 ahead of FOMC
4 weeks ago6 mins read

Bitcoin trading below $20,500 ahead of FOMC

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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 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.