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The FOMC meeting is over with, and prospects for future rate hikes are relatively tame. What could be in store for Bitcoin and altcoins over the next few days and weeks?
Fed Powell followed market expectations
Jerome Powell, chair of the Federal Reserve, said what he had to say about the economy on Wednesday, which was about as much as the market had expected and has appreciated, and he has now left the field for a potential continuation. from the crypto uptrend.
This 25 basis point rate hike is about as powerful as it could possibly be. The market knows it all too well because Powell previously said he didn’t want to surprise them.
The Fed knows that things are starting to get a little frothy again, so many analysts are expecting Powell to come out and take a very hawkish tone to temper hopes of a lull and eventual pivot.
However, Powell’s speech didn’t look any more hawkish than usual, and perhaps markets are seeing through what the Fed is doing and have more of an idea of the end game.
Altcoin on the verge of a breakout
Now that the FOMC meeting is over and the dust has settled, it’s like the calm before the storm. Something has to give. Either the crypto markets are turned down by the resistance that is now being played on, or they break down and crypto goes higher en masse.
It looks like bitcoin will take a backseat if the crypto market goes higher, given that BTC Domination has met 44% resistance and has been rejected, which means that alts can now run.
Source: TradingView (Total 3 Crypto Caps – Daily time frame)
However, the market will always look in the opposite direction to the herd, and if the Total market cap of 3, which is the value of all altcoins minus BTC and ETH, does break out and consolidate above the channel, then a downward leg may be the price to pay.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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