Crypto markets were quiet on Monday, with most major cryptocurrencies trading with low volatility. Risk assets traded without a clear direction on Monday, as markets had time to digest last week’s Fed policy meeting outcome. In addition, Monday was a Bank holiday in the US contributing to low trading volumes.
The bitcoin price rose to the $26,800 level on Monday. If the BTC price declines, support can be found near $24,800, while resistance may be encountered near $27,400.
Ethereum price declined on Monday, dipping to the $1,710 level. If Ethereum's price declines, it may encounter support near $1,630, while if it increases, resistance may be encountered near $1,780.
The U.S. Federal Reserve kept its interest rate steady last week to a target range of 5.00% to 5.25%. The Fed signaled, however, that its tightening cycle is not over yet and that its peak rate might be higher than anticipated. The FOMC policy statement following the conclusion of the meeting was hawkish, hinting at further rate hikes. Expectations of additional monetary tightening drove risk sentiment down, pushing cryptocurrency prices down.
BTC/USD 1h Chart
ETH/USD 1h Chart
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