BTC pushes above $18,000 hours ahead of the year's last FOMC
Bitcoin is up 7.5% for the week, trading at \(18,120, about two hours away from the year's last FOMC meeting. The Fed is expected to come out with a 50 bps hike which many argue is priced in. We, however, expect to see higher prices regardless, pushing Bitcoin upwards of \)18,500, but it also depends on the expectations mentioned in the FOMC statement and the press conference.
Meanwhile, the S&P 500 maintains above 4,000, currently moving sideways around 4,080 but we will soon see volatility towards the end of today’s market session. DXY remains stagnant at support but cannot break the downtrend marked at 103.7.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin is on its way to our target of $18,500. A correction is underway despite this clear uptrend seen below. We should head lower after this retracement is finished.
Objectively, Bitcoin is losing steam according to several momentum indicators and does not seem to show the strength in volume that is needed to sustain these levels. It is possible to see \(19,000 by the end of the week if Bitcoin squeezes out everything from this move, but \)18,500 is more likely to be the top end of this range before we potentially head down to $16,000.
Ethereum Technical Analysis
Ethereum has lagged behind Bitcoin, unable to break through \(1,340. This also signals weakness and confirms our view about Bitcoin topping out at \)18,500 which would allow Ethereum to be \(1,370 at best. A lot of volatility is still yet to come, but as far as maxing out goes, Ethereum can go as high as \)1,450.
NFT Market Map
Yuga Labs family of NFTs saw hype dropping after APE staking rewards went live and the hunt for careless BAYC owners sparked concerns in the community.
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from today.
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.