The Federal Reserve’s hawkish outlook took its time to affect the crypto market valuation, as investors saw it decreasing after an initial hike.
The crypto market had seen an uptrend after the Fed’s monetary policy meeting that paused interest rate hikes. However, the market soon faced increasing selling activity with lower volatility. As a result, investors saw the crypto market valuation decline, with Bitcoin dropping to $26400.
BTC still holds support above $26000, which could be a positive signal. Moreover, it is steadily going above with stronger support from long-term investors. Investors could soon start a buying spree if it could hold the $26500 support throughout the weekend.
The current crypto market trends point towards divided opinions. While speculators could face bearish outlooks, long-term investors still sit on firm returns. Bitcoin’s broad recovery in 2023 has pointed towards further room for rallies in the year.
Other crypto tokens in the market also saw minimal dips with Bitcoin. Ethereum was trading a little below the $1600 mark at $1591. Its market cap was balanced above $192 billion. Bitcoin’s capitalization was around $518 billion in the last 24 hours. The fourth quarter of 2023 could see a crucial time unfolding for crypto. From ETFs to regulation, a lot could be seen influencing the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26600 on September 22, 2023, with BTC/USD trading lower by 1.6% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,325.38), as BTC’s 24-hour volume was at around $13 billion. Bitcoin has seen around 60.67% returns on a year-to-date basis.