Bitcoin and altcoins are losing ground after comments from the Federal Reserve suggest that interest rate hikes could continue into 2024.
Federal Reserve Chair Jerome Powell cautioned that inflation remains too high and the central bank remains open to raising rates further if needed.
The remarks by Powell strengthen the narrative that interest rates are likely to remain higher for longer.
Bitcoin’s price action is expected to follow its previous halving cycles, with a potential rise to $35,000 by April 2024 and a rally to $148,000 thereafter.
Bitcoin is currently stuck in a range between $26,833 and $24,800, with a bearish outlook if it falls below $24,800.
Ether is struggling to sustain levels above $1,700, with a bearish outlook if it falls below the $1,626 to $1,550 zone.
BNB’s recovery hit a roadblock at $220, with a potential decline to $200 if the support is broken.
XRP’s bounce off the $0.50 support indicates a lack of demand at higher levels, with a potential downward move towards $0.41.
Cardano is struggling to overcome the obstacle at $0.28, with a potential downtrend if it falls below $0.24.
Solana turned down from the breakdown level of $22.30, with a potential decline to $18 if the immediate support at $19.35 is broken.
Dogecoin’s long wick on Aug. 23 shows continued selling pressure, with a bearish outlook if it falls below the critical support at $0.06.
Polkadot has been trading inside a tight range between $4.22 and $4.56, with a potential break above the resistance at $4.56 leading to a rally towards $5.
Polygon has been drifting lower towards the vital support at $0.51, with a potential dive to $0.45 if the support is broken.
Toncoin is forming an inverse head-and-shoulders pattern, with a potential breakout above $1.53 leading to a new up move towards $1.91.
Summary:
– Bitcoin and altcoins are losing ground after comments from the Federal Reserve suggest continued interest rate hikes.
– Bitcoin’s price action could follow previous halving cycles, with a potential rise to $35,000 by April 2024 and a rally to $148,000 thereafter.
– Ether, BNB, XRP, Cardano, Solana, Dogecoin, Polkadot, Polygon, and Toncoin all have various levels of bearish outlooks and potential support or resistance levels to watch.