Bitcoin and Cryptocurrency Prices Down as FOMC Decision Looms
As the new week began in Asia on Monday, Bitcoin and other crypto tokens were facing downward pressure. This week is anticipated to be a busy one for traders, with the FOMC decision on interest-rate policy scheduled for Wednesday. Traders were on tenterhooks as they awaited the decision, although the markets may have already priced in the last rate hikes.
Bitcoin and Ethereum Under Pressure
Bitcoin continued to remain under pressure as the largest crypto token dropped by about half-a-per cent and remained below the $30,000-mark. Ethereum, its largest peer, was also trading slightly lower but managed to hold above the $1,850 level. The price action for altcoins was on the downside during the early day.
Bitcoin’s current price was approximately $29,780, still below the $30,000 mark. According to Edul Patel, Co-founder and CEO at Mudrex, the price couldn’t surpass $30,000 during the weekend. He attributed the recent price decline to the US SEC chair expressing disappointment with the defeat over XRP’s case and increasing selling pressure. He also cautioned that there could be little volatility this week as FOMC’s decision on interest-rate policy is due on Wednesday.
Market Performance of Crypto Tokens
Barring Bitcoin Cash, which gained more than 2 per cent, all other top crypto tokens were trading lower on Monday. Toncoin plunged more than 2 per cent, while Polkadot and Tron shed about 2 per cent each. Solana, XRP, Polygon, and Cardano were all down by a per cent each. The global cryptocurrency market cap was also trading lower, falling to the $1.19 trillion mark as it declined by about half-a-per cent in the last 24 hours. However, the total trading volumes gained more than 8 per cent to $24.29 billion.
Tech View by Giottus Crypto Platform
Litecoin (LTC) experienced a minor setback after closing in the green the previous day. Its price action highlighted a neutral trend after mixed momentum in the last week. Prices continued to be above the 100-day EMA.
LTC was consolidating between the range of $85 and $95, where it faced immediate resistance. A successful breach could lead to further increases towards the resistance levels of $102 and $106. However, if LTC failed to hold the $90 support level at its 100-day EMA, it could encounter renewed selling pressure.
The major support and resistance levels for LTC were identified at $80, $85, $90 and $95, $102, $106 respectively.
Please note that the views and recommendations given in this section represent the analysts’ own and do not represent those of Business Today. Readers are advised to consult their financial adviser before taking any position in the mentioned assets.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin