Bitcoin reaches new 2023 high following Fed’s monetary policy guidance By Investing.com
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(BTC) reached a new high for 2023 at $35,717, following Federal Reserve Chair Powell’s press conference and monetary policy guidance hinting at an end to rate hikes. This news led to a 2.30% increase in BTC value, closing on Wednesday at $35,482 as Asian markets reacted positively to the news.
MicroStrategy’s Q3 earnings report revealed that the company held 158,400 BTC worth $4.69 billion as of October 31. This holding yielded a profit of $934 million for the company after Bitcoin broke out from sub-$30,000 levels.
Regarding altcoins, , Near Protocol, and Oasis Network saw significant gains. Bitcoin and both remained above their 50-day and 200-day Exponential Moving Averages (EMAs), indicating bullish trends in the market.
For Bitcoin to break the resistance level of $36,400, it needs to return to $36,000. However, a drop below the support level of $35,265 could bring the lower support level of $32,436 into view.
Ethereum faces a similar situation where it needs to break above its trend line to challenge the resistance level at $1,926. If it fails to do so, it risks falling to the support level of $1,805.
The report also highlighted that both Bitcoin and Ethereum are currently in overbought territory. This could signal increased seller pressure in the market.
The conclusion of the Sam Bankman-Fried trial saw the defense arguing his innocence and highlighting plea deals and immunity agreements signed by prosecution witnesses.
Looking ahead, future market sentiment could be influenced by activities from the Securities and Exchange Commission (SEC) and news related to Bitcoin-spot and Ethereum-spot Exchange-Traded Funds (ETFs).
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters.
(BTC) reached a new high for 2023 at $35,717, following Federal Reserve Chair Powell’s press conference and monetary policy guidance hinting at an end to rate hikes. This news led to a 2.30% increase in BTC value, closing on Wednesday at $35,482 as Asian markets reacted positively to the news.
MicroStrategy’s Q3 earnings report revealed that the company held 158,400 BTC worth $4.69 billion as of October 31. This holding yielded a profit of $934 million for the company after Bitcoin broke out from sub-$30,000 levels.
Regarding altcoins, , Near Protocol, and Oasis Network saw significant gains. Bitcoin and both remained above their 50-day and 200-day Exponential Moving Averages (EMAs), indicating bullish trends in the market.
For Bitcoin to break the resistance level of $36,400, it needs to return to $36,000. However, a drop below the support level of $35,265 could bring the lower support level of $32,436 into view.
Ethereum faces a similar situation where it needs to break above its trend line to challenge the resistance level at $1,926. If it fails to do so, it risks falling to the support level of $1,805.
The report also highlighted that both Bitcoin and Ethereum are currently in overbought territory. This could signal increased seller pressure in the market.
The conclusion of the Sam Bankman-Fried trial saw the defense arguing his innocence and highlighting plea deals and immunity agreements signed by prosecution witnesses.
Looking ahead, future market sentiment could be influenced by activities from the Securities and Exchange Commission (SEC) and news related to Bitcoin-spot and Ethereum-spot Exchange-Traded Funds (ETFs).
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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