Risk sentiment soured on Tuesday, putting pressure on cryptocurrency prices. Stock markets and crypto markets have been experiencing a roller coaster ride, with prices seesawing, as risk sentiment turns from positive to negative almost daily.
Fed rhetoric remains firmly hawkish, with FOMC policymakers Esther George and Mary Daly commenting over the weekend that the US Central Bank may need to step up its rate hikes to combat soaring inflation.
US inflation rose by 0.4% every month in September and annual inflation reached 8.2%. Soaring inflation is putting pressure on the Fed to continue raising interest rates. An increasing number of Central Banks are tightening their monetary policy to combat soaring inflation. Successive rate hikes and tighter fiscal policies give rise to global recession concerns putting pressure on cryptocurrencies.
The bitcoin price touched the $19,000 level early on Tuesday, but pared losses later in the day climbing to $19,300. If BTC declines, support can be found at $18,200, while resistance may be encountered near $19,800.
Ethereum price fell below the $1,290 level on Tuesday but bounced back later in the day rising to $1,310. If Ethereum's price declines, it may encounter support at $1,190 and further down at the psychological level of $1,000. If Ethereum's price increases, resistance may be encountered near $1,400.
BTC/USD 1h Chart
ETH/USD 1h Chart
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