Major crypto tokens were trading mixed in Wednesday’s trading amid jitters among investors ahead of the Federal Reserve’s interest rate decision.

Bitcoin was mildly firm and moved towards the $34,500 level. Its biggest peer, Ethereum regained the $1,800 mark.

Other crypto tokens, such as XRP, Solana, tron, and Toncoin traded higher, while BNB, Cardano, Dogecoin, Chainlink, Polygon, Polkadot, Litecoin, and Shiba Inu traded in the red.

Broader markets are looking forward to the Fed meeting expected to happen today. Any interest rate change is expected to change the tone of crypto market performance. Though, investors are particularly excited about spot BTC ETFs in the U.S.; the SEC may respond to the BTC ETF applications before the winter holiday season this year, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.

Meanwhile, CoinDCX Research Team said, “BTC concluded this month with a remarkable 29% surge, partly attributed to the growing speculation about the approval of BTC spot ETFs. Additionally, the approaching halving event is drawing nearer, further piquing investor interest.””Over the last few days, BTC has been relatively stable, trading in a sideways pattern as investors anticipate significant macro announcements today, on November 1st. The focus will primarily be on the FOMC statement and press conference, as these events can directly impact crypto prices,” it said.

Meanwhile, the global cryptocurrency market cap surged marginally by 0.05% to around $1.27 trillion in the last 24 hours.The total volume in DeFi is currently $4 billion, 9.94% of the total crypto market 24-hour volume. The volume of all stablecoins is now $35.37 billion, which is 88.02% of the total crypto market 24-hour volume.

In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, declined to $672 billion. Bitcoin’s dominance is currently 52.8%, according to CoinMarketCap. BTC volume in the last 24 hours declined 11.5% to $15.3 billion.

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
On the 4-hour chart, Bitcoin faces significant price levels: immediate resistance at $35,250, followed by $36,100 and $37,010, while support lies at $33,138 with further levels at $32,466 and $31,795.

Technical indicators such as RSI at 57 indicate neutral market sentiment with a slight bullish bias. The 50-day EMA at $33,500 suggests a balance between bullish and bearish forces. Bitcoin is currently trading in a sideways channel between $33,800 and $35,000, reflecting market indecision.

Overall, the trend is cautiously bullish above $33,500, but a break above immediate resistance or a drop below support could indicate potential price moves.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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