The announcements of the US Federal Reserve and Bank of Japan, the world’s two biggest central banks, could be a turning point for the crypto markets and their largest cryptocurrencies. interest rate decisions.
Blofin’s crypto-futures exchange believes that these announcements are going to set the tone of monetary policy for the next few months. Both BTC and ETH have seen a decline in price due to the safe-haven effect. Traders are now more bullish on BTC.
The Bitcoin price movement range is projected to be 9.78%
A recent chain analysis confirms this. report Crypto traders expect BTC to move 9.78% in the range of the price released by the exchange. next Seven days with an estimated range for the next 30 days of 20.33 %
The report shows that despite expected volatility, traders are still bullish about BTC on the medium- to long-term.
According to a Skewness Analysis, price pullbacks and declines will likely cause volatility. However, the length of time for this pullback should be short. The primary cause of volatility is aversion towards macro-uncertainty.
BTC dealers have a wide variety of BTCs available to them. price fluctuationsThe gamma peak is between $65,000-$75,000 The market makers are gradually regaining their influence over BTC prices as the quarter-end settlement approaches. This will provide support for price declines, but make it difficult to exceed the $75,000 mark.
The data on the blockchain also indicates a decrease in enthusiasm among spot investors to buy BTC. addresses The chart shows that the number of addresses with more than 100 BTC is increasing. It is possible that the reduced number of BTC addresses indicates significant sellers have sold at BTC’s recent highs.
Holding BTC can be a smart choice, even if you are cautious about possible price changes.
Ethereum’s Options for the Front Month are dominated by a bearish outlook
The report states that traders, like BTC, expect ETH to have high levels of volatility in the near term. They predict price movements between 10% and 20.32 percent over a period of seven days, as well as 20.32% for a 30-day span. The report indicates that traders have a lower level of optimism about ETH than Bitcoin’s performance in the future.
Blofin found that the bullish mood prevailed in the rear-month options while the bearish one dominated the front months. Blofin highlights that expectation of rate reductions may support the ETH priceBut the price of Ethereum tail-risk indicates “increased pessimism” The price of ETH could be affected by significant events, and spot Ethereum ETFs have been identified as a trigger.
Blofin concludes by explaining that altcoins have long had a high level of leverage. “source of risk” In the crypto market. Recent price drops have led to many altcoins being liquidated, which has resulted in lower funding rates on perpetual contracts.
Deleveraging is a way to reduce the amount of altcoinsAccording to the report, their small share in the market of less than 20 percent has contributed to market stability and risk mitigation. But despite the general decline in altcoin leverage, meme coins continue to be speculated.
Bitcoin is currently trading at $62,500. This represents a decline of nearly 7.5% in the past 24 hours. Ethereum trades at $3,276, a price that has fallen 6.8% in the last 24 hours.
Charts from TradingView.com and Shutterstock.
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