Fed Chairman’s speech today
Bitcoin (BTC) on January 10 extends the uptrend and broke the barrier of $17,200, rising slightly from yesterday to $17,245. Similarly, Ethereum breaks above $1300, $1,317 and is up about 1% on the day. However, market participants are still awaiting the release of US inflation data this week.
Meanwhile, other well-known cryptocurrencies such as Dogecoin (DOGE), Ripple (XRP) and Solana (SOL) have increased in value. The next resistance level for Bitcoin will be $17,400, with $17,050 serving as a support level if the uptrend continues. However, The main reason for BTC’s rise can be attributed to the decline in inflation expectations More than expected, this encourages cryptocurrency investors.
The crypto market as a whole is still stable, with Bitcoin and Ether showing modest gains after yesterday’s big gains.
In the meantime, current favorable macroeconomic conditions can also contribute to the increasing value of cryptocurrency assets a long-term positive sign for the market.
Federal Reserve Chairman Jerome Powell speaks
Markets will follow today Speech by Federal Reserve Chairman Jerome Powell to gain monetary policy indices. Powell is scheduled to speak at a banking conference in Sweden.
Powell is expected to bring it during his speech More information on the path of interest rates and economic growth. Markets will be looking for changes in the Fed chairman’s hawkish tone, especially amid growing evidence that inflation is slowing in the US.
After a significant rate hike, it hurt markets in 2022. a less aggressive Fed outlook should bring much-needed relief to cryptocurrency markets. Indeed, after sustained hikes, the Fed should raise rates more modestly in the coming months, bringing some relief to the market.
This week, December data on US consumer inflation will also be released.
A weak US Dollar supports the Crypto market
Besides, A weakening of the US dollarSpeculation that the Federal Reserve would slow interest rate hikes was a An important factor in Bitcoin’s favor.
The U.S. dollar bounced back well, nearing seven-month lows as data suggested the Federal Reserve may slow its rate hike program. After the Fed’s aggressive rate hikes the previous year, he lost confidence in the need for the Fed to raise interest rates above 5% to reduce inflation. Investors expect the rating to peak at 5% by June.
Whether The US dollar remains in decline in the foreign exchange market will dominate these cryptocurrencies and in particular Next up is Bitcoin.
Bitcoin price
Bitcoin is currently trading $17,245, the 24-hour trading volume is $18 billion. Bitcoin is showing a slight bearish correction after trying to clear the $17,400 resistance zone.
It now has immediate support at the $17,200 level. A break above the $17,200 level is needed now causing the Bitcoin price to reach the next resistance level of $17,400.
Bitcoin has formed a bearish engulfing candle on the 4-hour time frame, indicating that the market may undergo a bearish correction before showing a new buying trend in BTC.
On the downside, the $17,000 level is likely to act as immediate support, and a break below this level is likely. extending the downtrend to the next support level at $16,800 or $16,650..
The price of Ethereum
Current price of Ethereum 1317 dollars, the 24-hour trading volume is $5.8 billion. In the 4-hour period, the ETH/USD pair is facing strong resistance near the $1320 level with a double top setup.
A break above the $1,320 level is likely Pushing the ETH price towards the next resistance zone at $1,340. Closing candles above the $1300 trading level strengthens the chances of good promotion.
On the downside, ETH price may find support near $1,275 and a break below this level could open the door for more selling towards the $1,260 price action. the the bullish bias still remains dominant think about it today look for buy now opportunities.
Other high yield cryptocurrencies
The global cryptocurrency market is uncertain, but several new cryptocurrencies are making headlines. Let’s explore the opportunity to take advantage of it!
Fight Out (FGHT)
It works in the same way as the Fight Out Platform (FGHT). personal sports trainer, except that the FGHT badge is an award for training periods. All activities are recorded and can be used to improve the stats of his metaverse avatar. opportunity Earn FGHT tokens It adds an extra incentive for people to stay healthy and exercise while taking advantage of blockchain technology.
Despite the general lack of liquidity in the cryptocurrency market, Fight Out was successful and attracted investors. Thanks to the token sale that started last week, it already is It has collected more than 2.8 million dollars. Current sale price 60.06 FGHT for 1 dollar (FGHT can be purchased with ETH or USDT), but this will increase as the sale progresses.
Dash 2 Trade (D2T)
Launched in early 2023, Dash 2 Trade, a An Ethereum-based platform that will provide real-time statistics and social trading data. Initial features will include trading signals, on-chain statistics, strategy building tools and news feeds, allowing both novice and experienced traders to stay on top of the volatile bitcoin market.
D2T will also be available on Changelly Pro, LBANK and BitMart. Dash 2 Trade has now raised a remarkable $15.1 millionjust ten hours away from listing the platform’s native D2T token on Gate.io, the first of the centralized cryptocurrency exchanges to plan to manage the cryptocurrency.
C+Charge (CCHG)
C+Charge (CCHG) a Binance Chain-based peer-to-peer payment system for electric vehicle charging stations (VE). Due to launch in the second quarter of next year, it aims to increase access to carbon credits by rewarding consumers who charge their electric vehicles at their terminals.
The platform has already signed a deal with Perfect Solutions Turkey, which will add 20% of Turkey’s EV chargers to its network, showing how fast it can grow. 1 CCHG is currently trading at $0.013 and can be purchased with BNB or USDT. The pre-sale has already raised over $234,000.
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