Crypto markets received a boost last week, as the outcome of the Fed monetary policy was perceived as dovish, propelling risk assets upwards. The Federal Reserve raised interest rates by only 25 bases, bringing the benchmark interest rate to a target range of 4.50% to 4.75%.
Towards the end of the week though, risk appetite waned, as markets began to weigh in on the implications of the Fed’s decisions. Rate hikes have become less aggressive, but the Fed might continue raising interest rates for longer than previously expected.
On Monday, the crypto market descent was halted, but low trading volumes suggested market uncertainty.
Bitcoin price oscillated around the $22,930 level on Monday, trading with low volatility. If the BTC price declines, support can be found near $22,390, while further resistance may be encountered near $25,000.
Ethereum price gained strength on Monday, rising to $1,650. If Ethereum's price declines, it may encounter support near $1,518, while if it increases, resistance may be encountered near $1,789.
Global cryptocurrency market capitalization has started to recover this year and remains above $1 trillion. Crypto bulls hope that the recent cryptocurrency selloff has passed and that market confidence in the industry will be restored. Bears are fighting back, however, pushing cryptocurrency prices down.
BTC/USD 1h Chart
ETH/USD 1h Chart
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