December 12th, Bitcoin It broke the ascending channel at $17,000, allowing for more selling on the downside. Similarly, Ethereal has followed suit, emerging from a downward ascending triangle pattern to close below the $1,260 support level.
Major cryptocurrencies were trading in the green at the beginning of December 12 as the global cryptocurrency market cap it fell 1.07% to $846.24 billion the previous day. In the last 24 hours, the total volume of the crypto market increased by 14.17% to $27.09 billion.
Let's take a look at the top 24-hour altcoin gainers and losers.
Top altcoin gainers and losers
Batteries (STX), Toncoin (TON), Y Trusted Wallet Token (TWT) are three of the top 100 coins that have gained in value in the last 24 hours. STX price is up nearly 6% at $0.30; TON price is up more than 8% at $2; and the price of TWT is up almost 2.5%.
Three of the top 100 coins that have lost value in the last 24 hours include Dogecoin (DOGE), Osmosis (OSMO)and Flow (FLOW). DOGE's price is down about 10% at $0.08746, while OSMO is down 9% to trade at $0.92. At the same time, the price of FLOW is down more than 9% to $0.9385.
Market Prepares for US FOMC and CPI Rate Decision This Week
Two major developments will unnerve Wall Street, raising concerns that the disinflation trade has gotten ahead of itself.
Inflation data for November, the last major economic news before the Fed meeting, is expected to reflect an easing of price pressures. Indicators point to a 0.3% increase from the previous month, which is slightly slower than the 0.4% increase seen in October.
Inflation is forecast to fall from its current 7.7% to 7.3% on an annualized basis. Much more effort is needed to reduce inflation, but the trend is positive for now.
With the Fed predicted to cut its rate hike pace to half a point but insist it's not over, the FOMC's decision will be "Must See TV."
The Federal Reserve is expected to signal that interest rates could rise from 4.75% to 5.25% points, a range that is extremely restrictive and should accelerate labor market deflation.
bitcoin price
Bitcoin current price is $16,941, and the 24-hour trading volume is $17 billion. The BTC/USD pair has gained almost 1.4% in the last 24 hours, while CoinMarketCap it currently sits in first place with a live market capitalization of $325 billion, down from $360 billion yesterday.
On the technical front, Bitcoin has broken through an ascending channel to $17,000, and candle closes below this level support the possibility of a continuation of the selling trend.
On the downside, BTC can fall until the next support area of โโ$16,750 is reached, and below that, the next support is $16,365.
A bearish cross below the 50-day simple moving average (SMA) also supports the downside bias, so BTC may move towards $16,750.
ethereum price
The current price of Ethereal is $1,247, with a 24-hour trading volume of $4 billion. Ethereum has gained almost 2% in the last 24 hours, and CoinMarketCap is currently in second place, with a live market capitalization of $152 billion.
On the 4 hour chart, Ethereal It has breached a support level of $1,259, and a drop below this level could expose the price of ETH to the $1,221 level.
Adding to the downside, ETH's immediate support is at $1,176. The 50-day moving average, RSI, and MACD indicators indicate a bearish bias.
On the upside, the immediate resistance level for ETH is $1,260, and a break above this level could expose ETH to $1,300.
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/cloudfront-us-east-2.images.arcpublishing.com/reuters/RGIOLXVATZOTDET66L4N4M3ZFY.jpg?w=75&resize=75,75&ssl=1 "Crypto winter end in sight as Ethereum looks to shake the chills- analysts")
