FOMC Tonight Could be a Catalyst for Crypto Market

Digiasset News Nov 02, 2022

Nowdays the crypto market is sideways and tonight the Federal Open Market Committee (FOMC) will announce its policy decisions. In the United States, the authority to set interest rates is divided between the Board of Governors of the Federal Reserve (Board) and the Federal Open Market Committee (FOMC). In previous data on August, the Fed decision to the interest rate at 2.5% of course, this announcement will affect the movement of the dollar index.A trader or investor in crypto assets might have a chance to enter the market.

Based on data’s ( Nov 2th, 2022 ) CoinMarketCap in a week BTC increased up to +1.44 % and ETH +6.86 %, but another altcoin there was a Doge that spike up 122,30%. Then, data on Illustration of Fear and Greed Index Crypto  is still in fear category at level 30. Although its better than last month, this is not indicates that investors interested in BTC especially in spot market. If we check data on coinglass below, mostly in November in the last 9 years, bitcoin is raise.

Market Analysis

BTCUSDT price is US$ 20K sideways for some days. In technical analysis, the Bitcoin market will make a Falling Wedge Pattern and have a chance to spike up. Keep your money management for good risk, although there is a good setup in market for entry.

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