. Daily Crypto Analysis: Bitcoin Soars to $27,100, Igniting Investor Frenzy Pre-Fed Decision.

Daily Crypto Analysis: Bitcoin Soars to $27,100, Igniting Investor Frenzy Pre-Fed Decision.

Daily Crypto Analysis: Bitcoin Soars to $27,100, Igniting Investor Frenzy Pre-Fed Decision.

20 Sep 2023

Introduction:

As the Federal Reserve’s looming interest rate decision captures market attention, Bitcoin surges to $27,100, marking a significant rise in cryptocurrency values. This upward movement, breaking the $26,000 barrier, comes after a period of low volatility. Investors are closely monitoring the Fed’s decision, which could greatly impact cryptocurrency markets, even though the consensus is for stable borrowing costs. Additionally, XRP is making strides, trading above a crucial $0.50 support level in its recovery efforts.

BITCOIN:

Before the Federal Reserve decides on interest rates, Bitcoin reaches $27,100.

This Tuesday, the value of cryptocurrencies increased, driven by Bitcoin, the largest cryptocurrency by market capitalization. In the past 24 hours, Bitcoin’s value grew by more than 1%, reaching $27,100. Due to low volatility and trade volumes over the previous month, it had been impossible for BTC to exceed the difficult $26,000 level. This spike enabled it to do so.

The Federal Reserve’s decision to raise interest rates is anticipated on Wednesday, and market participants are closely monitoring it. The result might have a big effect on how cryptocurrencies trade. Despite widespread expectations that borrowing costs would remain stable, investors’ choices are nonetheless influenced by the possibility of a rate hike in November. Since last year, higher rates have hurt both Bitcoin and stocks because investors tend to steer clear of risky investments when returns on risk-free cash or government securities are high.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 27023.37 | Negative Crossover | Bearish
  • MA 20: 26700.72| Positive Crossover | Bullish
  • MA 50: 26450.34 | Positive Crossover | Bullish

Simple:

  • MA 5: 27049.04 | Negative Crossover | Bearish
  • MA 20: 26686.99| Positive Crossover | Bullish
  • MA 50: 26181.23 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.01| Buy Zone |Positive

Stochastic Oscillator: 34.34 | Sell Zone | Neutral

Resistance And Support Levels: 

  • R1: 27356.02 | R2: 28693.94
  • S1: 26347.43 | S2: 25153.59

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 27582.44 | Take Profit: 28652.78 | Stop Loss: 26862.01.

Elsewhere In the Crypto Market

According to research firm RxR’s blended Metcalfe law-centric valuation model, which considers active user adoption of layer 2 scaling networks, Ethereum is currently trading at a 27% discount to its fair value.

On Wednesday, the price of XRP is above $0.50, crucial support for the altcoin as it attempts to recover from its recent slump

Bitcoin is down (0.88%) at 26,976.60, Ethereum is down (1.02%) at 1,626.65, Litecoin is down (2.47%) at 65.63, Solana down (1.09%) at 19.97, Dogecoin is down at (1.34%) at 0.62 as of writing time.

Key Economic Events & Data Release Today:

(USD) Fed Interest Rate Decision Forecast 5.50%, Previous 5.50% at 23:30.

(USD) FOMC Economic Projections at 23:30.

(USD) FOMC Statement at 23:30