On the morning of November 02, it is the feverishness that can be read in the price of Bitcoin. Its price fluctuates in a fairly narrow range from $20,300 to $20,800 $ without stabilizing permanently. Investors are actually waiting for decisions on US rates to be announced today at the end of the meetings of the Federal Reserve and the Federal Bank.
For its part, Ethereum appreciated by 0.5% to a price of $1,590, a fairly small variation which clearly reflects the immobility of investors before this crucial day.
Volume-wise, the total crypto market capitalization was 0.88% at $1.01 trillion, up 0.88% from the previous day. Note that the overall volume of DeFi remained stable at just over $4 billion, or just over 4.5% of the total market.
The most notable gains and losses in the market
Among the crypto-currencies that have risen over the past 24 hours, we could note:
- Toncoin (TON): with a rise of 9% for a course at $1.65
- Chiliz (CHZ): up almost 5% to end at $0.22
- Theta (THETA): with a gain of 4% at a price of $1.22.
.On the side of cryptos in difficulty, three currencies saw their price drop significantly:
- Terra Classic (LUNC): which fell by more than 4% to $0.00023
- Casper (CSPR): also losing more than 4% to $0.039
- ApeCoin (APE): which also saw its price fall by 4% to $4.50.
Decisive day with Fed and Federal Reserve decisions on rates in the United States
As always, the market holds its breath awaiting the decisions of the two most important federal financial institutions in the United States. However, the market has an idea of what could be announced at the end of the day (European time) since most analysts and investors are counting on a 75 basis point rise in interest rates.
But, expectations will be high to analyze the decisions and the declaration of the Federal Reserve which could leave clues on the December meeting. The challenge will be whether interest rates will also be corrected at the end of the year. This scenario remains likely in the aim of controlling inflationbut it could also lead to a fairly sharp slowdown in growth.
It’s at 7 p.m. (Paris time) what will be known about the Federal Reserve Committee statement and the Fed’s rate decision. Despite 6 consecutive months of decline in GDP in the USA, a fourth consecutive increase of 75 basis points in key rates will show that the priority remains the fight against inflation.
The Federal Reserve has fundamentally changed its monetary policy this year: its key rate, which was close to zero at the start of the year, is already over 3%. The impact was strong on the markets since the stock market fell sharply over the same period. And, cryptocurrencies suffered the same fate. A slowdown in this rise in interest rates in December would then be seen as a very positive signal that could lead to a period of sustained rise in prices.
Bitcoin Price
With a current price at $20,476 Bitcoin remains stable compared to yesterday (down slightly by 0.1%) and its gain of 1.5% over the last seven days reflects significant stability before the Fed’s decision today.
The 50-day moving average is still on a support line that stands at $20,400, which confirms the bullish possibility for BTC beyond this value in the coming days. Nevertheless, it should be noted that the RSI indicators and the MACD are again bearish, which could underline a tendency of some investors to take interim profits below a threshold of $20,300.
However, the long-term trend is still upwards. The next price resistance area for BTC could be at $20,800 and then it could easily then reach $21,000.
The price of Ethereum
Still on a fairly consistent uptrend, Ethereum gained another 0.5% over one day (and more than 6% over the last seven days) and its current price is now $1,584.
However, the Ethereum bullish channel is fragile and underlines the uncertainty of many investors over the medium term. Its next resistance level could be around $1,660. Once you reach this level, ETH could then easily rise above $1,720.
To support this trend, the RSI indicators and the MACD are valuable and give us a very high probability of an upward correction above the current price. However, we must remain cautious and not rule out opportunities for profit taking which could cause ETH to temporarily fall to a level of $1,480.
Presales of new cryptos
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