Bitcoin continued trading below the $40,000 psychological level on Tuesday, with prices ranging between $38,000 and 39,500 and Ethereum traded mostly within the $2,500-2,600 range. If Bitcoin price falls, it may find support at $36,000 and $33,000, while resistance may be found at $40,000 and further up near $44,300. Ethereum may find support at $2,600 and further down around $2,300. In case its price goes up, it may find resistance at $3,000 and further up at $3,400.
The Federal Reserve holds its long-awaited meeting on Wednesday and is expected to raise its benchmark interest rate by at least 25 base points. Similarly, the BOE is expected to announce a rate hike after its meeting on Thursday. The shift towards a more hawkish fiscal policy has been putting pressure on cryptocurrencies over the past few months. The two major central banks are widely expected to raise their benchmark interest rates by 25 bs and these rate hikes have already been priced in by markets, however. More steep rate hikes would likely drive crypto prices further down, while rate hikes that fall within market expectations might boost cryptocurrency prices.
Cryptos have been under pressure since the beginning of the year, hit by a bout of risk-aversion. Mounting geopolitical tensions have been driving the price of cryptos down, as investors shy away from risk assets. Most major cryptocurrencies have received a boost over the past couple of weeks, however, as demand from Russian and Ukrainian markets increased. Bitcoin volume from Russian markets has increased considerably, as Russian investors aim to escape the plummeting Rouble and Russian sanctions.
BTC/USD 1h Chart
ETH/USD 1h Chart
The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.
Fill in the registration
form and click
Once you are in the client secure area, please proceed with uploading your Proof of Identity and Proof of Residence.
When your live account is approved, you can deposit funds and start trading on your chosen platform!
The website you are now viewing is operated by TopFX Global Ltd, an entity which is regulated by the Financial Services Authority (FSA) of Seychelles with a Securities Dealer License No SD037 that is not established in the European Union or regulated by an EU National Competent Authority.
If you wish to proceed please confirm that you understand and accept the risks associated with trading with a non-EU entity (as these risks are described in the Own Initiative Acknowledgment Form and that your decision will be at your own exclusive initiative and that no solicitation has been made by TopFX Global Ltd or any other entity within the Group.
Don't show this message again
These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.