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(Kitco News) - โBoringโ is the word many cryptocurrency enthusiasts use to describe current market conditions, as cryptocurrencies continued to trade sideways for another day on Wednesday after the Federal Reserve announced it would leave interest rates unchanged for now.
While the June Federal Open Market Committee (FOMC) meeting concluded without an interest rate hike for the first time since March 2022, Fed Chairman Jerome Powell said he expected at least two rate hikes. more before the end of the year, putting pressure on stocks and leading to a mixed close for the major indices.
When all was said and done, the S&P and Nasdaq ended in the green, up 0.08% and 0.39%, respectively, while the Dow could not overcome the negative sentiment and closed down 0.68. %.
Data provided by TradingView shows that Bitcoin traded within $200 on either side of support at $26,000 for most of the day, but was hit by a late-afternoon selloff that sent the top cryptocurrency to a low. daily of $24,925 at the time of writing this article. with the bears pushing to extend the losses further.
USD/BTC Chart by TradingView
The lack of early movement for BTC was reflected in the futures market as โJuly Bitcoin Futures Prices [were] near flat in quieter early US trading on Wednesday,โ according to Kitco senior technical analyst Jim Wyckoff, who noted at the time that โtraders are awaiting the results of the FOMC meeting.โ
Bitcoin futures 1 day chart. Source: Kitco
โBC bears have a slight technical advantage overall in the short term, as there is still a slight downtrend in prices on the daily bar chart,โ Wyckoff said. "The path of least resistance for prices currently is sideways to the downside."
Prior to the FOMC announcement, MN Trading founder Michaรซl van de Poppe noted that $26,400 remained a crucial resistance level for Bitcoin and said that yesterday's failure to break above that level would likely result in a pullback to the region. from $24,500 - $25,000.
Discussed in today's YouTube update, but $26.4K resistance crucial to #Bitcoin and could not break
Expecting the markets to dip into the FOMC and take bottoms ultimately around $24.5-25K is a great area to look forward to.
And then we will have to see what happens. pic.twitter.com/XgoHK0g9OW
โMichael van de Poppe (@CryptoMichNL) June 13, 2023
And market analyst Rekt Capital aware the chart below highlights that โThe downward trajectory continues for BTC as the price makes another weekly close below a key weekly level.โ
BTC/USD 1-week chart. Fountain: Twitter
โBlue support at ~$26600 has been lost and may soon turn into resistance if BTC relief picks up from here,โ Rekt Capital said. โRefuse at $26600 [and the] $20,000 lower awaits.โ
Altcoin market rises higher
Most of the altcoins in the top 200 traded in the red on Wednesday, with most tokens trading at plus or minus four percent of the previous day's prices.
Daily performance of the cryptocurrency market. Source: Coin360
Notable standouts among the winners include Trust Wallet Token (TWT), TomoChain (TOMO), and Cartesi (CTSI), whose token prices increased 19.73%, 11.92%, and 10.57%, respectively.
Total cryptocurrency market capitalization is now $1.027 trillion, and Bitcoin's dominance rate is 47.6%.
Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a request to make any exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for loss and/or damage arising from the use of this publication.
