During the Asian session, the overall cryptocurrency market is showing a strong pullback, with Bitcoin crossing above a major resistance level of $16,750. Likewise, Ethereum, the second-leading cryptocurrency has shown a massive spike of 3% to $1,250.
Major cryptocurrencies were trading in the bullish early on January 4, despite the fact that the global crypto market value increased 0.54% to $809.35 billion on the previous day. The overall crypto market volume over the previous 24 hours has increased by 12.75% to $26.64 billion.
DeFi's total volume is present at $1.92 billion, accounting for 7.20% of the overall crypto market 24-hour volume. The overall volume of all stable currencies is currently $24.85 billion, accounting for 93.30% of the entire 24-hour volume of the crypto market.
FOMC Meeting Minutes Under the Spotlight Today
The Federal Reserve is expected to provide further explanation for why it anticipates high inflation to persist as the US economy enters 2023. Fed officials revised their inflation forecasts for the end of 2023 and released them after their Dec. 13-14 meeting. As a result, the idea that interest rates would need to increase over 5% in 2023 received fairly widespread support in the estimates.
On Wednesday, the Federal Reserve will release the meeting minutes and the median estimate from the official forecast for the final quarter of 2023 was 3.1%, up from the 2.8% predicted in the previous quarterly forecast, which was given in September.
Wall Street has become more optimistic in recent months as price pressures have begun to subside, in contrast to the Fed's most recent assessment. At the press conference following the FOMC meeting, Chair Jerome Powell attributed the central bank's inflation pessimism, in particular to rising costs associated with providing services.
Bitcoin Price
The current bitcoin price is $16,857, and the volume of trading in the last 24 hours is $15 billion. On the technical front, Bitcoin has breached a major resistance level of $16,785 and is now heading north toward the next resistance level of $16,950.
On the 4-hour timeframe, Bitcoin has formed a bullish engulfing candle, indicating the possibility of a strong uptrend continuation. A break above $16,950 may expose BTC to the $17,250 level.
Bitcoin Price Chart - Source: Tradingview
On the downside, Bitcoin's immediate support remains at $16,800, and a break below this level has the potential to lead BTC to $16,500. The RSI and MACD indicators are indicating a bullish trend, so keep an eye on $16,750, as closing above this level may trigger a recovery in BTC price.
Ethereum Price
The current price of Ethereum is $1,247, with a $4.8 billion 24-hour trading volume. Ethereum is on the rise, having gained 2.5% and gaining immediate support at the $1,235 level.
On the upside, ETH's immediate resistance stays at the $1,260 level, and a bullish breakout can expose the price toward the $1,280 or $1,300 level.
Ethereum Price Chart - Source: Tradingview
While support remains around $1,235, a break below this can open up more room for selling until $1,205. The RSI, MACD, and 50-day simple moving average all indicate a bullish trend.
So look for buying opportunities today, especially above the $1,235 level.
Alternative Coins with Huge Growth Prospects
In 2023, despite the market's continued bearishness, a few altcoins are making headlines.
FightOut (FGHT)
The FightOut (FGHT) platform functions similarly to a personal trainer, except that the FGHT token is rewarded in advance for exercise time. All activities are recorded and can be used to improve one's metaverse avatar's statistics.
The FGHT presale is doing well, with over $2.6 million already raised. The current selling price of 60.06 FGHT for $1 (FGHT can be purchased with ETH or USDT) will rise as the sale progresses.
When it launches in early 2023, Dash 2 Trade will be an Ethereum-based platform that will provide real-time statistics and social trading data. Trading signals, on-chain analytics, strategy-building tools, and newsfeeds will be among the first features, assisting both new and experienced traders in staying on top of the volatile bitcoin market.
Dash 2 Trade, one of the 2022's largest ICOs, has launched its dashboard beta, with only 2 days till the presale ends. D2T has brought up more than $13 million in a presale to date. D2T is the system's access coin, and it is now worth $0.0533 in the presale after being sold to investors for $0.0476 initially.
C+Charge C+Charge (CCHG) is a cutting-edge blockchain-based technology that aims to compensate owners of electric vehicles for charging and driving their vehicles. Its native token, CCHG, is currently available for purchase. The use of electric vehicles has grown significantly in recent years all over the world.
The electric vehicle (EV) industry has emerged as a more eco-friendly alternative to the conventional automotive industry, which has long been in need of reform. People can now buy EVs and participate in the green revolution thanks to companies like Tesla, Rivian, and others.
The network has already agreed to add 20% of Turkey's EV chargers to its network to demonstrate its scalability. 1 CCHG costs $0.013, and it can be bought with BNB or USDT. So far, the presale has raised $71,500.
