. Daily Crypto Analysis - Bitcoin's Soaring Surge Faces FOMC Hurdles

Daily Crypto Analysis – Bitcoin’s Soaring Surge Faces FOMC Hurdles

Daily Crypto Analysis – Bitcoin’s Soaring Surge Faces FOMC Hurdles

30 Oct 2023

Introduction:

As Bitcoin’s rally takes a pause, all eyes are on the forthcoming FOMC meeting and the potential adjustments to interest rates. Investors await this critical event, with indicators hinting at a slowdown in inflation and a high probability of unchanged rates. Furthermore, the cryptocurrency market also witnesses Ripple’s ascent to $0.55 with notable weekly gains and Ethereum promising position, contingent on safeguarding essential levels.

Bitcoin:

The Bitcoin surge comes to a halt as traders await the FOMC meeting and the potential for adjustments in interest rates.

Bitcoin’s upward momentum has temporarily stalled in anticipation of the upcoming U.S. Federal Open Market Committee (FOMC) meeting, set for October 31 and November 1, 2023. Cryptocurrency traders are closely monitoring the likelihood of interest rate adjustments, and current indicators suggest a deceleration in inflation. Consequently, the CME Fed Watch Tool shows a 96.2% probability of interest rates remaining unchanged.

In light of these events, Bitcoin’s upward surge has come to a temporary halt, attributed to noteworthy on-chain occurrences as observed by Julio Monero, the head of research at Crypto Quant. Presently, the price of BTC stands at $34,300, accompanied by a notable 35% increase in trading volume within the last 24 hours.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 34306.90 | Positive Crossover | Bullish
  • MA 20: 33585.53| Positive Crossover | Bullish
  • MA 50: 31650.35| Negative Crossover | Bearish

Simple:

  • MA 5: 34328.16 | Positive Crossover | Bullish
  • MA 20: 34211.09| Positive Crossover | Bullish
  • MA 50: 30887.49 | Negative Crossover | Bearish

RSI (Relative Strength Index): 69.11| Buy Zone |Bullish

Stochastic Oscillator: 12.18| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 34767| R2: 38035
  • S1: 33417| S2: 31831

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 35249 | Take Profit: 38035 | Stop Loss: 33326.

Elsewhere In the Crypto Market

The price of Ripple has reached the $0.55 mark, following a weekly gain of 6.2%. Ethereum (ETH) is currently in a favorable position following its rally last week. However, it’s important to note that there are no guarantees, and bullish investors must protect specific critical levels to secure a more positive outlook. Keeping an eye on these key barriers is essential for predicting Ethereum future direction.

Bitcoin up (0.02%) at 34830.00, Ethereum up (0.97%) at 1,813.5, Litecoin up (0.48%) at 69.16, Solana up (7.49%) at 34.58, Doge coin up at (0.23%) at 0.69 as of writing time.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Sep) Actual 0.9%, Forecast 0.3%, Previous 0.2% at 06:00.

(EUR) German GDP (QoQ) (Q3) Forecast –0.3%, Previous 0.0% at 14:30.

(EUR) German CPI (MoM) (Oct) Forecast 0.2%, Previous 0.3% at 18:30.

(EUR) ECB`s De Guindos Speaks at 18:30.