Bitcoin Price and US stock futures dropped Thursday morning after another sizable increase in interest rates from the Federal Reserve. The cryptocurrency market cap is $860,67 billion, down 1,32% on the last day.
Bitcoin price initiated a downside correction below the $18.000 zone and dropped below $17.600. Currently (11:20 UTC) it is trading near $17.700 and is down nearly 1% in one day and up 5.2% in one week. Likewise, most major altcoins are trading above key support zones.
Futures tied to the S&P 500 were down 1%, while futures for the Dow Jones Industrial Average were down 250 points, or 0,7%. Contracts on the tech-focused Nasdaq Composite fell 1,3%.
In this article, we will discuss:
News
- unconfirmed reports indicate that the finalization of the XRP-SEC case could take place by today, Thursday, December 15, according to Cardano's Hoskinson.
- The Fed left release which anticipates “continued increases” in interest rates, implying that it does not intend to stop rate hikes in March 2023. “I don't think this would qualify as a recession… because you have positive growth,” Powell said.
"The Fed remains willing to risk a labor market downturn to reduce inflation and, at the very least, December projections suggest the risk has increased, not decreased," wrote Michael Gapen and the Bank of America Global Research economics team.
bitcoin price
After a rally near $18.400, the bulls lost steam and the largest cryptocurrency by capitalization dropped near the $17.550 support. However, the bulls defended the bitcoin price at the $17.550 level. The price is now trading near its resistance and could still rise above the $18.000 level. An immediate resistance is near the $18.350 level. The next major resistance could be the $18.500 level, above which the price could start a new rise.
If not, the price could drop further and trade below the $17.500 support. The next major support is at the $17.000 zone, below which the price could revisit $16.850.
Ethereum Price
O ethereum price extended losses below the $1.320 support. ETH even dipped below $1.290 but remained above $1.280. ETH is down 2,5% in one day and up 4.5% in one week. On the upside, the price could face the bears near $1.350. The next major resistance is at $1.425, above which the price might come back to $1.600.
On the downside, the $1.280 level is an important support. A dip below $1.280 can push the price towards $1.220.
Price of ADA, DOGE and XRP
O cardano price (ADA) turned down and settled near the $0,30 support. The next major support is near the $0,295 level. On the upside, the price could face selling close to $0,316.
O DOGE price it fell below the support of USD 0,0900. It is now consolidating near $0,0870, below which the price could drop towards the $0,0710 support. On the upside, $0,0925 is a breakout zone for a price reversal.
O XRP price it is now consolidating near the $0,38 level. A further dip could take it to $0,345. Otherwise, if bulls gain traction the resistance zone at $0,395 needs to be broken to generate a new bullish rally.
