Hassan Maishera
TL;DR
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Bitcoin and Ether began the week trading in the red zone as the market undergoes a correction.
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Market experts expect a price swing over the next few days as the FOMC meets on interest rates decision.
Bitcoin Stay Below $30k
The cryptocurrency market was bearish over the weekend, with prices of most cryptocurrencies trading in the red zone. Bitcoin, the world’s leading cryptocurrency by market cap, has lost more than 2% of its value in the last 24 hours and is now trading above $28,500 per coin.
The cryptocurrency continues to struggle to test the $31k resistance level in recent days, with investors undecided regarding the near-term direction of the market.
Ether, the second-largest cryptocurrency by market cap, is also underperforming at the start of the week. It has lost more than 3% of its value today and is currently trading below $1,900.
Investors could be waiting for this week’s interest rates decision before making a move. Market experts are anticipating a 25 basis-point hike in interest rates as the United States Federal Reserve continues to battle inflation.
Market participants in the recently concluded Consensus 2023 are optimistic about the future of the broader cryptocurrency market. However, they expect regulations in the market soon, and that could affect how the industry operates.
Regardless, positive news from the Fed’s upcoming meeting could see Bitcoin break past the $31k resistance level and test new resistances in the near term.
