Crypto markets wavered on Tuesday, with most major cryptocurrencies fluctuating with low volatility and then dipping towards the end of the day, as risk sentiment soured. Uncertainty is dominating crypto markets preventing cryptocurrencies from forming a clear trend.
Hawkish Fed minutes last week pointed to further rate hikes up ahead driving risk assets down as markets adjusted Fed rate hike expectations. The Fed might raise interest rates for longer than previously expected, putting pressure on crypto markets. The Federal Reserve raised interest rates by only 25 basis points at its February meeting, bringing the benchmark interest rate to a target range of 4.50% to 4.75%.
Prolonged rate hikes fuel global recession concerns, driving risk assets down. US inflation data last week showed that price pressures in the US remain high and are not easing at the pace anticipated, weighing cryptocurrency prices down. Market expectations of the Fed peak interest rate continue to rise on hotter-than-expected US price pressures, putting pressure on crypto markets. Current market odds lean towards further tightening in the upcoming Fed meetings and an increase in interest rates up to 5.25%.
Bitcoin price dropped to $23,000 on Tuesday. If the BTC price declines, support can be found near $22,800, while resistance may be encountered near $24,600.
Ethereum price also fell on Tuesday, dropping to $1,605. If Ethereum's price declines, it may encounter support near $1,560; if it increases, resistance may be near $1,680.
BTC/USD 1h Chart
ETH/USD 1h Chart
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