Last week after the Fed raised interest rates by 0,75%, or 75 basis points, the most since 1994, Bitcoin Price dipped below $18.000 over the weekend and started a recovery above the resistance level. of $20.000. BTC is showing positive signs above the $20.000 price zone and is struggling to break above the $21.200 region.
Likewise, most major altcoins are also showing positive signs. ETH managed to rally above $1.050. The S&P 500 and Nasdaq 100 futures gained about 0,8% each earlier in the day.
Meanwhile, at JPMorgan, analysts warned that the decline of the S&P 500 implies an 85% chance of a recession happening. All eyes will remain on Powell next week, with the president of the Fed set to testify before the US Senate Banking Committee on Wednesday morning.
In this article, we will discuss:
Bitcoin price
O bitcoin price started a new high after the price crashed near $17.600, now BTC is trying to hold above the $20.100 support and is trading near $20.500. The first immediate resistance is near the $20.600 level. The second major resistance is near the $20.800 level. If the bulls manage to take BTC above $20.800 the price can rise to the $21.200 level.
In an eventual new dip, the first support is near $20.100. The next major support is at the $19.500 zone, below this level the price can drop to $18.100 and test new supports.
Ethereum Price
Following Bitcoin, the ethereum price had a new high in the short term and made a move above the $1.050 resistance and traded near the $1.150 level. The next major resistance is near the $1.250 level, above which the bulls can attempt a new high.
On the downside, an immediate support is at $1.080. The next major support is near $1.020, below this level ETH could revisit $950.
