The crypto market is poised to move

Market picture

The crypto market is maintaining a wait-and-see approach, moving in a narrow range after the sell-off on Monday. The markets appear to be waiting for the directions after Fed’s decision. 

Bitcoin stuck to its 50-day moving average, trading just above $29.1K. One of the following sharp moves could stop the recent mini-lull, determining the future trend. 

A drop under $28.8K would mark the transition to a deeper correction scenario down to $27K, where the 200-week average and the lower boundary of the ascending corridor lie. 

However, Bitcoin has about the same chance of returning to growth. We will get more confidence when the price strengthens to $29.7K. 

Dogecoin has added over 14% since the beginning of the week on the back of Twitter’s logo change. The rebranding to “X” has increased networking activity and altcoin’s value. Elon Musk promised to make Twitter a financial hub.

News background

Glassnode recorded “unloading” among Bitcoin whales (from 1000 BTC). Since 30 May, the aggregate balance of bitcoins owned by whales, excluding exchange wallets, has decreased by 255k BTC. The monthly rate of decline in the metric (148k BTC) was the fastest in history. 

Changpeng Zhao is going to get the Commodity Futures Trading Commission (CFTC) lawsuit against Binance cancelled. The exchange is preparing two motions to quash the CFTC lawsuit filed in federal court in Chicago. 

Stablecoin issuers whose reserves consist of derivatives or covered bonds will receive additional regulation, according to a draft of new European Banking Authority (EBA) rules. The document suggests increased capital requirements for such firms if the tokens they issue are deemed “significant”. 

YouTube blogger Bitboy Crypto said he remains optimistic about XRP as the coin returns to cryptocurrency exchanges.

The FxPro Analyst Team