Thursday, April 18, 2024

Crypto Market Reacts to FOMC Minutes: Potential Impact on Bitcoin, Ethereum and Ripple.

The price of Bitcoin (BTC) and the majority of other cryptocurrencies is flashing red as a result of the Federal Open Market Committee (FOMC) minutes disclosing that certain members believe that interest rates may have peaked. Others, according to the report, voiced concerns about the rate of inflation. However, some decision-makers claim that, compared to the December estimates, the economic picture looked firmer.

The bitcoin price could revisit $48,000.
The price of bitcoin (BTC) is nearly displaying a directional bias after falling below the $51,335 support level. Based on technical indicators, the cryptocurrency king, Bitcoin, may cross over to the $48,000 psychological barrier if it records a candlestick close below the previously indicated buyer congestion level. Bitcoin might, in the worst scenario, retest the order block ranging from $45,556 to $46,691.

The Moving Average Convergence Divergence (MACD) is dropping and may cross below its signal line (orange band), and the Relative Strength Index (RSI) has already registered a sell signal by crossing its signal line (yellow band). The bars on the MACD histogram are fading in the interim.

However, should the bulls demonstrate their commitment, the price of bitcoin can rise again, turning $52,985 into a level of support as it moves closer to $55,000, or in an extremely optimistic scenario, the psychological level of $60,000. A change like that would represent a 17% increase over the present levels.

The price of Ethereum could drop by 5%.

Similar to BTC, the price of Ethereum (ETH) is reacting to a sell signal that is implemented on the RSI. If traders follow through on this warning, ETH may fall 5% to the $2,770 support level, which is the midpoint of the rising parallel channel. The peaked-out MACD, which is currently veering south, supports this bearish thesis, which is highlighted by the paler MACD histogram bars.

On the other hand, a rally by the bulls might push the price of Ethereum higher, first surpassing the $3,033 range high and then forming a local top above it.

Ripple pricing is restrained by mounting expenses.

The descending parallel channel that is still holding the price of ripple (XRP) is getting worse due to rising overhead pressure. In particular, the 200- and 100-day Simple Moving Averages (SMA) around the $0.5643 and $0.5835 levels, respectively, are exerting overhead pressure on the price of XRP. These characteristics tip the odds in favor of the fall, as does the sell signal that the RSI recently completed.

In light of this, the price of Ripple may decline by 7% to $0.5001, the level last seen on February 7. The price of XRP might drop to the $0.4734 support floor, or about 13% below the present levels, if this level is unable to be maintained as support.

However, if bulls enter the market, there may be further purchasing pressure and a rebound in the price of ripples. The payments token may surpass the 200 and 100-day SMAs on a northward advance, putting the psychological level of $0.6000 within reach.

A very bullish scenario would see the XRP price jump much higher, testing the $0.6421 barrier, which is around 20% above current levels.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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