Cryptocurrencies Large

The crypto market is ready to move up to the next step

Market picture

The crypto market cap has fallen by about 1% in the past 24 hours to $1.02 trillion, with Bitcoin losing about the same amount and trading at $20.4K. There is a wait-and-see attitude among investors ahead of the Fed meeting, where all eyes are on signals of further action.

Meanwhile, BTCUSD remains above its 50-day average and local highs from a month ago, creating expectations that the market is preparing to head for the move higher after some rest. The next significant levels are around $22.3K (September highs) and $24.3K (July-August highs and the 200-day MA). If the optimists are disappointed, the decline could accelerate markedly below $19.5K (50-day MA) and further below $19K (the global support area of ​​the past five months).

For now, we are leaning more towards the upside scenario, assuming we see signs of a slowdown in Fed rate hikes starting in December.

News background

According to Santiment, addresses with balances between 100 and 10,000 BTC accumulated more than 45% of the total cryptocurrency supply. HODLers aren’t getting rid of hoarded coins yet, but they aren’t resuming buying either, so the BTC exchange rate has stagnated in recent months.

SEC chief Gary Gensler congratulated the cryptocurrency community on the 14th anniversary of bitcoin’s “white paper.” This provoked a mixed reaction from users. Many of them accused Gensler of trolling and hypocrisy for not thinking about the development of the cryptocurrency industry.

Binance CEO Changpeng Zhao said he invested $500 million in Twitter to fix bugs that hinder the development of the project and the introduction of crypto payments to the social network. According to him, Twitter is poorly monetized and has many technical problems, such as bots. However, despite the shortcomings, the platform has tremendous value.

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