Latest bitcoin and crypto situation, focus on Fed interest rate decision

SHAFAQNA TURKEY – A data-heavy start to the week, both a desire to run away from risky assets ahead of the Fed, and worse-than-expected balance sheets of some tech companies were the main reasons behind yesterday’s decline in markets.

In particular, the decline of the US technology index Nasdaq by 2% daily had a negative impact on risk appetite.

Bitcoin, which has thus returned the profit made on Sunday, stands at $22,750 in the morning.

Ethereum, on the other hand, retreats to the $1,550 levels, and finds buyers in the $1,570 area in the morning.

Sluggish movements may continue until the decision of the Fed.

The dominance of Bitcoin and Ethereum has declined somewhat.

Bitcoin dominance is 44.3% and Ethereum dominance is estimated at 19.3%.

The total market value of the crypto money market is at $1 trillion 40 billion despite yesterday’s pullback.

Volatility in the crypto money market, which is expected to be heavily impacted by the macro data released this week, could go up and down, especially after Wednesday.

Today on the agenda of the markets will be the index of consumer confidence from the Conference Board. However, the main items on the agenda will still be the Fed’s interest rate decision due tomorrow and US nonfarm payrolls data due out Friday.

Bitcoin technical analysis

Bitcoin, which was moving within an ascending channel, tested the bottom band of the channel as of yesterday. Having a retracement of about 4%, unable to hold the lower band. bitcoinThis morning it is trading at $22,770.

With the continuation of the downward movement, we can expect the levels of $22,300 and then $21,550 to act as support. On the other hand, $23.160 is the first resistance level.

It will be important to break this level and make daily closes above it. It can then test the lower channel band with the $24,000 level.

Ada technical analysis

The island showed positive activity, breaking through the upper band of the descending channel last week, and after the rises it broke away from the 200-day moving average and trades at $0.3700 during the day.

If the downward movement continues, we can expect a test of the upper band of the channel, namely $0.3555, as the first support level. If it fails to hold this level, the next support level could be $0.3400.

On the upside, the $0.3985 level, which has been tested three times, can be expected to work as resistance again. A breakdown of this level and daily closes above it can lead to an increase to the level of $0.4546. PEACE

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