Bitcoin (BTC) market bulls and bears have been engaging in a major battle ahead of the key FOMC meeting scheduled later today, Wednesday, May 4. Amid soaring inflation, the Federal Reserve is likely to hike interest rates by 50 basis points.
Thus, the U.S. equity market has been jittery and so has the crypto market. In the last 24-hours, Bitcoin has been oscillating around $38,000 levels. Over the last week, Bitcoin has been struggling to find momentum in either direction.
On-chain data provider Glassnode reports that the ownership structure and fundamentals of Bitcoins have been changing simultaneously. Also, some major divergences are in play. Glassnode izvještaja:
“Bitcoin Long-Term Holders continue to capitulate, with a huge divergence between their purchase price (blue) and their selling price (pink). This is the largest LTH capitulation in Bitcoin istorija".
Bitcoin i Ethereum adresa se povećava
While the BTC price remains under pressure, its “daily active addresses” have been on the rise. In the below chart from Santiment, možemo vidjeti kako "bazna" mrežna aktivnost za Bitcoin nastavlja da raste.
On the other hand, Ethereum (ETH) too has been following a similar route. Ethereum has been following up with the Bitcoin price correction since the beginning of the year. Over the last week, the ETH price has been hovering around $2,800.
If we see at the ETH/USD price chart, the falling wedge is getting tighter and tighter. Thus, it is possible that we could be seeing a breakout on the upside in the coming days.
The current price movements shows a major “stresst test” for both Bitcoin and Ethereum ahead of the FOMC Meeting. Speaking to MarketWatch, Abraham Chaibi, co-founder of quantitative crypto trading firm Dexterity Capital rekao:
„Bez jasnog pokretača sa sastanka FOMC-a [u srijedu], očekivao bih dalju konsolidaciju [za bitcoin] jer prodavci opcija pokušavaju zaraditi na promjenjivosti prinosa. Pretpostavljam da 50bps neće biti okidač, jer smo svi vidjeli ovo što dolazi. Umjesto toga, bilo kakve dugoročne prognoze od Powella – naime sve što signalizira da se inflacija već povlači i da bi Fed mogao zauzeti lakši stav u pogledu budućih povećanja – mogle bi imati značajniji utjecaj”.
Predstavljeni sadržaj može sadržavati lično mišljenje autora i podložan je tržišnim uslovima. Istražite tržište prije nego što investirate u kriptovalute. Autor ili publikacija ne snosi nikakvu odgovornost za vaš lični finansijski gubitak.
Source: https://coingape.com/bitcoin-btc-bulls-and-bears-engage-in-major-battle-a-day-before-the-fed-meeting/