Potential headwinds are gathering for risk assets as Bitcoin puts FOMC volatility behind it.
Trading range forms with $20,000 at center
The pair had seen flash volatility as the Fed hiked 0.75%, with fakeout moves up and down triggering liquidations both long and short.
Cross-crypto liquidations for the past 24 hours at the time of writing totaled $165 million, data from Coinglass confirms.
Bitcoin ultimately finished slightly lower than its pre-Fed level, an area that continued to hold on the day as analysts awaited fresh cues.
For popular Twitter trader Crypto Tony, there was little need to adjust an existing forecast involving downside resuming short term.
“My main bias has not changed as i expect more consolidation and one more drop to produce a spring like motion to kick start the bull run,” he told followers on the day.
Data from monitoring resource Material Indicators highlighted potential support and resistance zones using trades from the Binance order book.
$19,000 and $21,000 were in focus for analyst Maartunn, a contributor to on-chain analytics platform CryptoQuant.
“Two order clusters are added at $19000 & $21000. These are placed around the FOMC,” he noted.
Source : cointelegraph.com/news/bitcoin-holds-20k-post-fed-as-rising-dollar-sparks-btc-price-warning by Cointelegraph By William Suberg - November 03, 2022