The crypto market appears to have stabilized a day after the Fed meeting on Wednesday. Federal Reserve Chairman Jerome Powell confirmed predictions that the US government would begin to take a more aggressive stance to fight inflation, raising interest rates by 75 basis points, the biggest increase since 1994.
Bitcoin price remains close to the main support zone at $20.000. At the time of publication of this article BTC is trading close to $20.600 in one day seems stable but has already dropped 30% in one week. Likewise, most major altcoins are holding important support levels.
Today US stock futures are operating higher for the time being this morning as concerns about the prospects of a recession remain high. Contracts on the S&P 500 rose about 1% ahead of the opening bell after the index fell to its lowest level since December 2020 a day earlier.
In this article, we will discuss:
Bitcoin price
After a dip near $20.100, BTC rallied and even broke the $21.200 support. The price is now facing resistance and is trying to rebound above $21.000. On the upside, the first resistance for a new high in the short term is near the $21.550 level. The next major resistance is near the $22.500 level, a rally above this level could push prices to $23.000.
However, the long-term market outlook still looks shaky. All eyes are now on whether Bitcoin will be able to sustain the price above $20.000 and maintain its previous cycle in the face of mounting macroeconomic adversity.
If the bears gain strength an initial support is near the $20.100 level. The next major support is near the $20.000 zone, below which the price could start a big drop near the $18.000 level.
Ethereum Price
O ethereum price remained above $1.020. Now the bulls are struggling to take ETH above $1.100, for the week the cryptocurrency is already down 39%. On an eventual new high, the main resistance is near $1.200 and then $1.250.
On an eventual dip, ETH can drop to key support near $1.000 and then to $850.