Crypto markets quiet after Fed decision

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

The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.

Written by:
Myrsini Giannouli

Share the article: