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Top Crypto News: Bitcoin and Ethereum Turn Volatile Ahead of the FOMC Meeting

Crypto News Today: BTC and ETH Volatile ahead of the FOMC Meet

The crypto market along with the global finance sector is sitting tight for the various meetings that are on their way. The busy weeks ahead will have several important meetings, including the FOMC meetings, the Q2 GDP reports along with the major earnings report! Tesla has already come out with their Q2 report where they have mentioned their selling of 75% of their Bitcoin repository and their plans on Dogecoin. 

Amidst the market anticipation, two of the top crypto assets, Bitcoin and Ethereum have entered their volatile row. Sitting on vital support, Bitcoin is currently sitting at $21k while Ethereum is on $14k. The market anticipation is mounting around Bitcoin and Ethereum ahead of this week’s Federal Open Market Committee. Furthermore, the upcoming earnings reports from America’s five biggest tech companies and other Q2 reports could impact crypto prices over the next few days.

Source: TradingView

Following the crypto market crash since May 2022, the crypto space had entered the bear market with the total market cap of the crypto space going below $1 trillion mark. Top crypto assets like Bitcoin, Ethereum, Matic, and so on saw a huge dip in their value as investor sentiments were influenced by the various news surrounding the assets class. 

Additional Read: Top Crypto Prices Today

Source: TradingView

According to the Crypto Briefing report, these are the major meetings that the finance world is anticipating in the coming week. “Of particular significance to crypto market participants is the next Federal Open Market Committee, which is scheduled to take place on Wednesday, July 27. The Fed is widely expected to implement another 75 basis points interest rate hike in a bid to curb U.S. inflation, which last month hit a 40-year high of 9.1%. A rate hike could incentivize some crypto investors to sell of their holdings and take profits as high-interest environments tend to negatively impact risk-on assets.

The U.S. gross domestic product for the second quarter of the year is also due to print this Thursday, which could spark further fears around the possibility of a U.S. recession. The economy shrank by 1.6% in the first quarter, and it’s expected that this week’s reading will show a growth of 0.5% in the second quarter. However, if the growth is slower than expected or another retraction is printed, it could be viewed as another sign that the U.S. has entered a recession.

Additionally, earnings reports from Apple, Microsoft, Alphabet, Amazon, and Meta could give an indication of the health of the U.S. economy, potentially leading to volatility in global and crypto markets.

Ahead of one of the busiest weeks of the summer for crypto, Bitcoin dropped 3.7% early Monday. The leading cryptocurrency declined from a high of $22,580, hitting a low of $21,750. Although it has rebounded in the last few hours to hit $22,050 at press time, its next move remains unclear.

On the four-hour chart, Bitcoin’s recent activity is pointing to a crucial price point. The Tom DeMark (TD) Sequential indicator’s support trendline at $21,700 needs to hold to avoid further losses. If Bitcoin fails to hold this level, it could suffer a downswing toward the 200-hour moving average at around $20,800.

Bitcoin would likely have to slice through the 50-hour moving average at $22,700 to have a chance of printing higher highs. Overcoming this significant resistance level can give it the strength to retest its July 20 high at $24,290.

Source: Crypto Briefing

The anticipation of the crypto and traditional investors lay on the market sentiments following the meetings. This will definitely be of significant importance, given the volatility factor of the asset class.

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