Market News : All attention is on the FOMC rate decision, How will Crypto Asset Respond?

Digiasset News Sep 21, 2022

The Crypto Market is still in a downtrend for a week. Ethereum had to drop even deeper post the Merge. Nowdays the crypto market is sideways and tonight the Federal Open Market Committee (FOMC) will announce its policy decisions. Previously data in July and August, The Fed decision interest rate at 2.5%. Moreover, this announce will affect the movement of the dollar index which may hit the last highest price at 110.515 in September, its mean crypto have a chance to continue in bearish phase. Based on CoinMarketCap data's today (21/9) at 10.00 WIB, BTC and ETH are drop in the last 24 hours, BTC -3.12%, and ETH -2.62%. Last week, both the price was drop BTC till -8% and ETH -17%.

Market Analysis

BTCIDR market movement in a week began to spike up, but now drop again. If the US Dollar continues to strength, in technically the Bitcoin market will probably reach the support level at Rp. 277.134.810 . Right now, Crypto asset investors have no confirmation regarding whether the bitcoin price will experience a reversal or increase.

Illustration of Fear and Greed Index Crypto on Wednesday (21/9). Today's Fear and Greed Index is in the Extreme Fear category at level 23, up from last week's data which included fear at 27. This condition might make some traders try to take short-term profits.

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