FED's 25bps hike has Bitcoin fighting for $25,000
BTC briefly reclaimed $24,000, rising 6%, following Fed's 25 bps hike, which met investor expectations.
Powell admitted the central bank saw progress in battling inflation, and stated the "disinflation process has begun." However, the Fed chair did not discount further rate increases this year.
Bearish exhaustion is still evident for Bitcoin, but as more data is released about inflation, the month of February could see market continuing to rise.
ETH also enjoyed the rally with a 5.73% rise over the past 24h as its total circulating supply reached a post-Merge low at 120,514,679. MATIC (+12.72%) became the best daily gainer among the top 10.
S&P 500 also took well to the new rate hikes and is almost at the previous resistance of 4,180. We’ll have to see if this pans out and we get a break of resistance or if a classic double top is in play. DXY is at 101.2 and testing support at its limit.
Top altcoin gainers and losers
- Loopring LRC (+24.24%)
- Optimism OP (+22.96%)
- Convex Finance CVX (+18.28%)
- Binance USD BUSD (-2.71%)
- Dai DAI (-1.58%)
- Decentralized USD USDD (-1.38%)
Bitcoin Technical Analysis
Bitcoin has had a good week, however, not much has changed for its bearish structure. If we take a look at liquidity distribution, it looks like $24,700 should be our short-term target for the rest of the week which is a solid resistance point and will send us down to a buy wall at $21,500.
Notably, the major liquidation area for long positions also lies within the $21,000 - $19,000 range.
Ethereum Technical Analysis
Ethereum has no particular targets except the gap seen below on the daily, however in order to fill those gaps it has to break multiple local highs which start from our current price of $1,680 and go all the way up to $2,030. We have our first batch of buyers sitting at around $1,400 but a chunk of them are around $1,100 and below.
NFT Market Map
Most top NFT collections by volume saw positive growth today. The biggest gainer was Captainz (+734.29%) as Memeland reduced royalties from 9% to 3.33%.
Checks (+186.50%) climbed to the top again with Budweiser recognition.
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.