Cyrptocurrencies wait for FED's statements
Cyrptocurrencies have been going up ever since the new year has begun. Here are some techical analysis.
In the cryptocurrency market, which was stable yesterday, Bitcoin is priced at $ 17,200 and Ethereum is priced at $ 1325 today. The crypto money market, where the upward series continues, also finds support from the global markets.
Bitcoin shows optimistic signals
The cryptocurrency market continues to rise. Bitcoin, which started the new week above $ 17,000, rose to $ 17,400 yesterday evening with the support of global markets. Although it has regressed somewhat with the snow purchases realized at night, it is priced at $ 17,200 in the morning. In Ethereum, $1350 was tested yesterday and is currently finding buyers in the $1325 region. The crypto money market, where the short-term outlook and daily upward series continue, has been finding support from global markets in recent days.
In addition to the slowdown in wage growth rates on Friday, positive signals from two Fed vice presidents about inflation yesterday and the fall in inflation expectations for the next 12 months to the lowest level since July 2021 caused an increase in the risk appetite in the markets. It is considered that the activity in altcoins in recent days is related to Solana's new meme token BONK. Solana, which dropped to single-digit levels last week, attracted attention with the BONK meme token and experienced about 100% activity from the bottom. We observe that this rise also spread to the bottom of the market and creates a positive atmosphere in the short term.
In addition to the two FED vice presidents who made statements yesterday, President Powell's rhetoric may stir the markets a little. However, it will be macro data that will determine the direction of the markets. In this respect, the US inflation data, which will be released on Thursday, will be important.
