BTC set to test $17k as gold & dollar look weak prior to FOMC minutes release
Bitcoin has made a higher high today, touching $16,677, and is currently trading around $16,400. We had the initial U.S. jobless claims come out about an hour ago, which were higher than the expected 225k. This signals that the economy is slowing down and future rate hikes could be minimized, which could be bullish for markets in the short term.
Meanwhile, the S&P 500 broke above 4,000 and looks like it will push higher towards 4,100 in today's session, whereas DXY keeps weakening and is down to 106.7 along with weakness in gold's price.
If the FOMC minutes, to be released in the afternoon today, hint toward dovish changes in the near-term, the market may continue on an upward trajectory. However, we are unlikely to see any sharp, immediate recovery.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin had a 6.5% upside today before facing some selling pressure, which was necessary and healthy for this relief bounce to carry on. The main level to maintain is $16,250, which keeps the market leader on track for $17,000. Failure to hold $16,250 may end this move completely and result in a retest of $15,600 or lower.
Ethereum Technical Analysis
Ethereum was well on its way to meeting our target of $1,200 from yesterday but ran into a large sell wall around the $1,185 level. Currently, it's sitting on the 21 MA from the Bollinger band on the hourly time frame, but we should see some buying action around the $1,140 region for this to be ruled out as a minor correction before $1,200 is crossed.
NFT Market Map
We saw declines in the trading volume of the top 50 NFT collections today.
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.