Bitcoin and other crypto tokens were little changed during Asian trading on Wednesday ahead of the US Fed's monetary policy due later today. Traders wait for clarification on whether the US central bank will skip rate hikes on better-than-expected inflation data before making a decisive decision.
Bitcoin was back in the red as the largest crypto token dropped around one percent to drop below the $26,000 mark yet again. Its larger pair Ethereum fell as well, slipping marginally but holding below $1,750 levels. However, action on altcoins remained mixed through the first day.
Bitcoin was seen changing hands between the $25,900 and $26,010 levels in the last 24 hours, with no significant price moves, as market participants awaited the FOMC meeting scheduled for today. The release of the US CPI report, which revealed a decline in inflation to 4% in May 2023, provided some support for Bitcoin, said Edul Patel, co-founder and CEO of Mudrex.
โWith ongoing concerns regarding SEC lawsuits targeting Binance and Coinbase, investors remained silent, resulting in the price of Bitcoin remaining stuck below the $26,000 mark for the past four BTC is currently finding support at the $25,750 level, while resistance can be seen around $26,150," he said.
The major crypto tokens traded mixed on Wednesday. Among the gainers, BNB rose more than 6 percent, while Shiba Inu and Avalanche each gained 2 percent. On the downside, XRP fell 2 percent, while Solana, Cardano, and Litecoin each lost 1 percent.
The global cryptocurrency market capitalization was trading flat, almost unchanged at the $1.06 trillion mark, having been down marginally in the past 24 hours. However, total trade volumes increased as much as 10 percent to $31.96 billion.
Crypto markets have experienced a period of stability over the weekend, with little change in total capitalization, which stands at $1.07 trillion. Bitcoin (BTC) prices have been stable at $26,000, while Ethereum (ETH) has seen a slight drop to $1,750 as of this writing, CoinDCX's research team said.
โHowever, this week promises to be pivotal for the crypto market as it grapples with a series of macroeconomic events. Inflation metrics results, a Federal Reserve rate decision, and the disclosure of the 'Hinman documents' , which could affect the Ripple v. SEC case will significantly influence the crypto market throughout the week,โ he said.
Image: Crypto-chart-price
Giottus Crypto Platform Tech View
Avalanche (AVAX) is showing signs of bottoming out. The price rallied sharply to around $12 yesterday and is currently trying to consolidate in the short $11-$13 range. AVAX is facing immediate resistance at $12.5 and if it successfully breaks above this level it could generate further rallies towards the $14 resistance.
Image: Graphic-AVAX
However, if AVAX fails to hold the $11.2 support level, it could find a renewed pullback. Its RSI slope is decreasing, indicating that the underlying selling pressure is increasing with current levels in oversold territory (30.3).
Main levels:
Support: $10, $11.2
Resistance: $12.5, $14
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