– Bitcoin price could make a 5% trip south to the $48,000 psychological level.
– Ethereum price likely to revisit $2,770, a 5% fall with a sell signal already in play.
– Ripple price eyes a 7% fall amid growing overhead pressure.
Bitcoin (BTC) price is flashing red, alongside most altcoins, coming after the Federal Open Market Committee (
FOMC) minutes revealed that some members think that interest rates could have topped out.Per the report, others expressed concerns over the progress of inflation.Nevertheless, some policy makers say the economic outlook appeared firmer than the December projections.
BREAKING NEWS— FXStreet News (@FXStreetNews)
Fed Minutes suggest rates are at their peak
[pic.twitter.com/rEjWSwv3a7] [February 21, 2024]
Find detailed report here:
Fed Minutes suggest rates are at their peak
Bitcoin price could revisit $48,000
Bitcoin (
BTC) price is almost showing a directional bias, breaking below the $51,335 support.Judging from the technical indicators, if BTC records a candlestick close below the aforementioned buyer congestion level, the king of cryptocurrency could roll over to the $48,000 psychological level.In a dire case, BTC could retest the order block between $45,556 and $46,691.
The Relative Strength Index (RSI) has already registered a sell signal by crossing its signal line (yellow band), while the Moving Average Convergence Divergence (MACD) is dipping and could also cross below its signal line (orange band).Meanwhile, the MACD histogram bars are paling out.
BTC/USDT 1-day chart
On the other hand, if the bulls show resolve, Bitcoin price could recover, flipping $52,985 into support as it extends towards $55,000 or in a highly bullish case, $60,000 psychological level.Such a move would constitute a 17% climb above current levels.
Also Read:
Bitcoin price likely to fall but MicroStrategy’s $12 billion market cap makes it a possible S&P 500 candidate
Ethereum price could fall 5%
Ethereum (ETH) price, like BTC, is responding to a sell signal executed on the RSI.Traders heeding this call could see ETH drop 5% to the $2,770 support, coinciding with the midline of the ascending parallel channel.
The paling MACD histogram bars accentuate this bearish thesis, solidified by the topped out MACD which is now deviating south.
ETH/USDT 1-day chart
Conversely, a recovery among the bulls could send
Ethereum price north, first clearing the range high of $3,033 before creating a local top above it.
Also Read:
Ethereum price scrapes $3,000 psychological threshold after 20 months, inspiring conjecture on altseason
Ripple price subdued by growing overhead pressure
Ripple (XRP) price remains within the confines of the descending parallel channel, a status made worse by growing overhead pressure.Specifically,
XRP price faces overhead pressure due to the 200 and 100-day Simple Moving Averages (SMA) at $0.5643 and $0.5835 levels respectively.These features, coupled with the sell signal that the RSI has just executed, tilt the odds in favor of the downside.
Accordingly, Ripple price could make a 7% drop to $0.5001, levels last tested on February 7.If this level fails to hold as support, XRP price could slip through to the $0.4734 support floor, around 13% below current levels.
XRP/USDT 1-day chart
On the other hand, if the bulls come in, enhanced buying pressure could see
Ripple price recover.A northbound move could see the payments token overcome the 200 and 100-day SMAs, bring the $0.6000 psychological level within reach.
In a highly bullish case, XRP price could leap further to test the $0.6421 blockade, nearly 20% above current levels.
Also Read:
Ripple CEO criticizes SEC says regulator has lost lawsuits consistently; XRP price holds firm above $0.55
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants.Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network.This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods.The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins.
Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar.An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa.If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset.At consistent demand if the supply reduces, the asset’s price climbs.This has been observed in Bitcoin and Litecoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
It also does not guarantee that this information is of a timely nature.
Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.
The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
APE price nosedives nearly 9% while ApeCoin community votes on three active proposals
ApeCoin community is currently voting on three proposals to increase the adoption of the asset among market participants through higher engagement.APE’s recent token unlock and the active proposals could influence APE price in the coming weeks and months.
More APE News
USDC stablecoin issuer Circle ends support on TRON due to compliance, risk management issues
Circle announced plans to discontinue USDC on the TRON blockchain in a phased manner.USDC issuer will no longer mint the stablecoin on TRON, effective Wednesday.
Circle stated that its decision is a part of risk management and USDC will remain safe with the change.
More Cryptocurrencies News
Uniswap launches v2 on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain and Avalanche
Uniswap v2 enables swaps on six chains and users can access it from a single interface.
UNI price declined nearly 4% on Wednesday to $7.309.UNI price could revisit 2024’s peak at $7.972 as on-chain metrics support uptrend.
More Cryptocurrencies News
Ripple CEO criticizes SEC says regulator has lost lawsuits consistently; XRP price holds firm above $0.55
Ripple CEO Brad Garlingouse commented on the SEC v.Ripple lawsuit and a potential XRP ETF.The payment remittance firm recently acquired Standard Custody to venture into the crypto custodian business.
More Ripple News
Bitcoin: BTC eyes $60,000 but correction looms
BTC has been moving up only since January 22 but could slip into a consolidation before the next leg up.
With the rate at which BTC is climbing after the ETF approval, coupled with strong fundamentals, investors should consider buying the dips before BTC hits $60,000.
Read full analysis.