Bitcoin Price and Ethereum Down 4%; Market Braces for US CPI & FOMC Rate Decision This Week
On December 12, Bitcoin broke through the upward channel at $17,000, allowing for more selling on the downside. Similarly, Ethereum has followed suit, emerging from an ascending triangle pattern on the downside to close below the $1,260 support level.
Major cryptocurrencies were trading in the green early on December 12 as the global cryptocurrency market cap fell 1.07% to $846.24 billion on the previous day. Over the last 24 hours, the total crypto market volume increased 14.17% to $27.09 billion.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top Altcoin Gainers and Losers
Stacks (STX), Toncoin (TON), and Trust Wallet Token (TWT) are three of the top 100 coins that have gained value in the last 24 hours. STX’s price has risen nearly 6% to $0.30; TON’s price has risen more than 8% to $2; and TWT’s price has risen nearly 2.5%.
Three of the top 100 coins that have lost value in the last 24 hours include Dogecoin (DOGE), Osmosis (OSMO), and Flow (FLOW). DOGE’s price is down roughly 10% to $0.08746, while OSMO is down about 9% to trade at $0.92. At the same time, FLOW’s price is down more than 9% to $0.9385.
Market Braces for US CPI & FOMC Rate Decision This Week
Two major developments will put Wall Street on edge, raising concerns that the disinflation trade has gotten ahead of itself.
The November inflation data, the final significant piece of economic news before the Fed meets, is anticipated to reflect easing price pressures. Indicators point to a 0.3% increase from a month ago, which is slightly slower than the 0.4% increase seen in October.
Two main events next week:
— WSB Chairman Crypto (@WSB__Chairman) December 8, 2022
🇺🇸 US CPI: Dec 13, 2022
🇺🇸 FOMC Meeting: December 14, 2022 pic.twitter.com/XtH3t4qx30
Inflation is predicted to fall from its current 7.7% to 7.3% on an annualized basis. A lot more effort needs to be done to bring inflation down, but the trend is positive for the time being.
With the Fed predicted to slow their rate-hiking pace to a half-point but yet insist they are not done, the FOMC decision will be “Must See TV.”
The Federal Reserve is expected to signal that interest rates could rise by 4.75% to 5.25% points, a range that is extremely restrictive and should hasten the deflation of the labor market.
Bitcoin Price
Bitcoin’s current price is $16,941, and the 24-hour trading volume is $17 billion. The BTC/USD pair has gained nearly 1.4% in the last 24 hours, while CoinMarketCap currently ranks first with a live market cap of $325 billion, down from $360 billion yesterday.
On the technical front, Bitcoin has broken through an upward channel at $17,000, and candle closings below this level support the possibility of a selling trend continuation.
On the downside, BTC may drop until the next support area of $16,750 is reached, and below that, the next support is at $16,365.
A bearish crossover below the 50-day simple moving average (SMA) also supports the bearish bias, so BTC may move toward $16,750.
Ethereum Price
The current price of Ethereum is $1,247, with a $4 billion 24-hour trading volume. Ethereum has gained nearly 2% in the last 24 hours, and CoinMarketCap currently ranks second, with a live market cap of $152 billion.
On the 4-hour chart, Ethereum has breached a $1,259 support level, and a drop below this level could expose ETH’s price to the $1,221 level.
Further to the downside, ETH’s immediate support is $1,176. The 50-day moving average, RSI, and MACD indicators all indicate a bearish bias.
On the upside, the immediate resistance level for ETH is $1,260, and a break above this level could expose ETH to $1,300.
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