With the Federal Open Market Committee (FOMC) meeting and Fed Rate announcement looming, traders and investors are closely watching the cryptocurrency market for potential price predictions and breakout opportunities. The decisions and statements made by the FOMC regarding monetary policy and interest rates could have a major impact on Bitcoin and Ethereum.
After the release of the May Consumer Price Index (CPI) on Tuesday, Bitcoin enjoyed a brief surge in price as inflation showed signs of decline. The leading cryptocurrency was trading at $26,008, a decrease of less than 0.50% from the hour before the US Bureau of Labor Statistics announcement. The CPI reported a 4% increase, lower than April’s 4.9%, but slightly higher than the anticipated 4.1%.
Meanwhile, the US-based cryptocurrency exchange Binance US has asked a federal judge to deny the US Securities and Exchange Commission’s (SEC)request to freeze its assets. Defense lawyers argued that the corporation would not be able to pay its staff or vendors or operate the trading platform, and one of its banking partners has suspended all transactions on Binance US’s account, pending the court’s decision.
The publication of a new mining study, “The Signal & The Nonce,” by Coin Metrics researcher Karim Helmy, has revealed a novel method for examining the hash power of the Bitcoin network. Utilizing nonce patterns, the analysis revealed the market share held by each major Application-Specific Integrated Circuit (ASIC) mining rig that drives the network’s operations. It also compared Bitcoin’s energy consumption to the electricity consumption indices developed by the Centre for Alternative Finance at Cambridge University and Dichotomist, finding that the network consumes less power than the indices.
At present, Bitcoin is facing resistance at the $26,250 level and finding support around $25,500, which will be essential in determining its future direction. The 50-day Exponential Moving Average (EMA) at $25,800 acts as a support level, but a downward triangle pattern suggests a bearish outlook. If the support level of $25,500 is broken, it could increase selling pressure, potentially driving the price toward support levels at $24,940, $24,710, or even $24,385.
To stay on top of the ever-changing world of digital assets, investors should regularly explore a carefully selected collection of the top 15 cryptocurrencies to watch in 2023. This list has been compiled by industry experts from Industry Talk and Cryptonews, with the aim of providing valuable insights and professional recommendations.
For those looking to buy or sell cryptocurrency, the Cryptonews Price Tracker is a great resource to find the best price. Keep informed and stay ahead of the game with the latest initial coin offering (ICO) projects and alternative cryptocurrencies.
