A day after the Federal Reserve said it would keep interest rates unchanged, the crypto market has turned hawkish. Uncertainty remains as there are talks of regulatory activity and chatter coming from the Bank of England and the White House. Late last week, talks of a blanket ban on cryptocurrencies in Russia sent bitcoin, ethereum, and fellow altcoins plunging.
At the time of writing, bitcoin is trading at $37,267 and has been up by 4% in the last 24-hours, as per CoinMarketCap. Ethereum is at the resistance level of $2,445 and is bound to make a run for the $3,000 mark if it successfully makes it over the $2,500 mark. The world’s second most popular crypto has been up by 2.78% in the last 24-hours.
Analysts say the US dollar has strengthened and was up by 0.79% over the past 24-hours. It is bearish for bitcoin. In the past, BTC and the dollar index have moved in opposite directions. This was most noticeable in July 2021.
The overall, weekly analysis shows that BTC has failed to preserve and maintain a brief price rise from $32,900 to $39,000 in the past few days. As per various charts, the popular crypto is trading at a tight range with technical indicators most neutral over the short term. But short-term momentum points upward, as such investors hope for a $40,000 gain.
There is also some positivity in the market with Turkey and Canada, as well as politicians opting for salaries in BTC.