The crypto market is ready to move up to the next step

The crypto market is ready to move up to the next step

Market picture

The crypto market capitalisation has fallen by around 1% in the past 24 hours to $1.02 trillion, with Bitcoin losing around the same amount, trading at $20.4K. There is a wait-and-see attitude on the part of investors ahead of the Fed meeting, where all eyes are on signals of further actions.

Meanwhile, BTCUSD remains above its 50-day average and local highs from a month ago, creating expectations that the market is preparing to go to the higher step after some respite. The following significant levels are around $22.3K (September highs) and $24.3K (July-August highs and the 200-day MA). If the optimists are disappointed, the decline could accelerate markedly below $19.5K (50-day MA) and further below $19K (the global support area of the last five months).

For the time being, we are leaning more towards the upside scenario, assuming we see signs of a slowdown in rate hikes from the Fed starting in December.

News background

According to Santiment, addresses with balances between 100 and 10,000 BTC have accumulated over 45% of the total cryptocurrency supply. HODLers are not getting rid of accumulated coins yet, but they are not resuming buying either, so the BTC exchange rate has stagnated in recent months.

SEC head Gary Gensler congratulated the cryptocurrency community on the 14th anniversary of bitcoin's "whitepaper". This prompted a mixed reaction from users. Many of them accused Gensler of trolling and hypocrisy that he doesn't think about the development of the cryptocurrency industry.

Binance CEO Changpeng Zhao said he invested $500 million in Twitter to fix flaws hindering the project’s development and the introduction of crypto payments to the social network. According to him, Twitter is poorly monetised and has many technical problems, such as bots. However, despite the shortcomings, the platform has tremendous value.

By the FxPro Analyst Team