Crypto Market Rebounds After Fed Rate Cut

On Wednesday, December 18th, the US Fed made another 0.25% interest rate cut, but its 2025 hawkish projection triggered a sell-off in the crypto market. Since December 12th, Bitcoin bulls have defended the $100,000 level. The recent FOMC meeting sell-off eased at the psychological level, confirming it as a support.

Interestingly, the 100-day EMA, which stopped past Bitcoin dumps since October, aligned with the channel lows, making the $98,000-$100,000 range a strong short-term support for Bitcoin. On the flip side, a breach below this support could escalate further carnage and embolden bears, potentially leading to $90,000 and $85,000 levels. The recent decline was also driven by a liquidity hunt, currently concentrated at $102.5K, $105K, and $108K levels. The upside liquidity made a Bitcoin rebound the most likely unless low trading volume during the Christmas holiday triggers more sell-offs. For Ethereum, the king altcoin has consolidated between $3,500 and $4,000 since the beginning of December. Like Bitcoin, it dropped from $4,100 but bounced at the $3,500 range-lows as of this writing. A move higher to $3,700 and $4,000 could be feasible if the range-low holds. A decisive move above the trendline support (white) could confirm a reclaim of the uptrend that began in November. Interestingly, XRP’s chart looked solid amongst the big 3. Despite the 10% drop, XRP held above its Q4 trendline support and could be the key level to watch for the rest of 2024. Bulls could eye a $2.8 level or push higher to the 2021 cycle high of $3.3 using the support as a springboard. This bullish leaning is supported by the recent stablecoin RLUSD launch and ETF expectations in 2025. In conclusion, the top cryptocurrencies, Bitcoin, Ethereum, and XRP defended key levels, suggesting a potential market trend reversal to the upside

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Jordan Becomes Crypto Market Reporter for Kitco CryptoKitco Crypto welcomes Jordan as its new Crypto Market Reporter. With a background in Psychology and Human Behavior, Jordan turned his focus to cryptocurrencies in 2017, noticing the rapid growth of the market. Since then, he has worked as a content creator and crypto news journalist, focusing on the latest developments in the crypto market.
Källa: KitcoNewsNOW - 🏆 13. / 78 Läs mer »

Crypto Market Cautious Ahead of Fed Rate DecisionDespite a recent decline in Bitcoin price, analysts remain optimistic about the long-term outlook for the cryptocurrency market. However, short-term caution is prevailing as traders await the Fed's interest rate decision.
Källa: CryptoAmb - 🏆 22. / 68 Läs mer »

AGIX Rebounds with 40% Gain, Maintains Bullish Market StructureAGIX, an AI-focused token, has seen a significant gain of 40% after a week-long price consolidation, reinforcing its bullish market structure. However, reduced inflows into the token, as indicated by the CMF, may hinder further upward momentum.
Källa: CryptoAmb - 🏆 22. / 68 Läs mer »