Cryptocurrency prices slipped on Monday as risk sentiment wavered ahead of Tuesday’s US CPI report. US CPI data on Tuesday is this week’s most highly anticipated fundamentals and are expected to affect crypto markets. Prolonged rate hikes fuel global recession concerns, driving risk assets down. As inflation starts to cool though, central banks are starting to lower the pace of rate hikes, which may revive risk sentiment.
Fedspeak over the past week has been hawkish, putting pressure on crypto markets. Fed's Bowman stated on Monday that the UC central bank aims to raise interest rates to bring inflation down below 2%.
Fed Chair Jerome Powell has stated that the disinflation process has begun but warned that it still has a long way to go. The Fed’s stance appears cautiously optimistic, reinforcing the notion that the Fed’s decisions will be based firmly on disinflation rates and the state of the US economy.
Bitcoin price dropped on Monday, trading below the $21,600 level on Monday. If the BTC price declines, support can be found near $20,450, while further resistance may be encountered near $23,400.
Ethereum price also tumbled on Monday, dropping below the $1,520 level support. If Ethereum's price declines, it may encounter support near $1,180, while if it increases, resistance may be encountered near $1,715.
BTC/USD 1h Chart
ETH/USD 1h Chart
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Written by:
Myrsini Giannouli
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