Looking forward to Powell's speech
- Capitalization of the crypto market: $1.022 trillion (+ $8 billion);
- Dominance: BTC - 38.6%, ETH - 19.0%;
- Index of fear and greed: 30 (fear) against 31 the day before.
Bitcoin October BTC/USDt is up 5.50% to $20,491. Buyers managed to completely block the fall in September. On Monday, October 31, trading ended with a decrease of 0.66%. The activity of buyers was restrained by the strengthening of the dollar and the decline in stock indices before the Fed meeting. The S&P500 fell 0.72%, the Nasdaq fell 1.03%.
Investors are awaiting the results of the November 2 FOMC meeting. The probability of a rate hike by 75 bp to 4.00% is estimated at 86.2%. They are more looking forward to the George Powell press conference and will be looking for any signs that the Fed may consider slowing down interest rate hikes in the future. Accordingly, before the announcement of the decision, the market will be influenced by the dynamics of the yield of treasury bonds and the dollar.
On Tuesday, November 1, the dollar index turned red. Futures on the SP500 index is trading in positive territory. If the positive dynamics of the SP500 continues in the American session, then the price of bitcoin should be expected to rise above $21,000.
At the time of writing, the BTC/USDt pair is trading at $20,614. According to the wave structure on the hourly chart, buyers need to overcome the $21,150 - $21,300 zone. Only in this case, you can count on the continuation of the rally to $22,500. Looking forward to Powell's speech. The success of buyers will depend on his speech.
Posted Using LeoFinance Beta
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