Bitcoin price is currently at $28,300 and the recent surge in price has benefited altcoins. Many altcoins, which have been struggling to maintain support levels for a long time, are now targeting resistance areas. The approval of futures ETH ETF has positively influenced the markets.
Federal Reserve Statements
Fed member Bowman made important statements at around 17:30. The most noteworthy detail among these statements was the possibility of another interest rate hike at the next meeting. Bowman said the following in his recent speech;
“If the data shows that the slowdown in inflation has stopped or slowed significantly, there may be another interest rate hike at the November 1st meeting. Regulators should consider whether their slow approach to supervising banks is correct. It is likely that further interest rate increases and remaining in a restrictive zone for a while longer will be appropriate. When we look at the level of restriction, progress in inflation will be slow. The frequency and scope of recent data revisions make it difficult to predict how the economy is evolving.”
Fed Chairman Jerome Powell and Philadelphia Fed President Patrick Harker attended a roundtable meeting with workers, small business owners, and community leaders in York, Pennsylvania.
It is not expected that Powell will make any significant announcements about the economy at this meeting. He stated that their main focus in this meeting is a healthy economy.
Current Market Data
The US dollar index continues to fluctuate in the risky zone. This was one of the reasons for the negative opening of the US markets. However, despite the negativity in the stock exchanges and the increase in DXY, the cryptocurrency markets continue to remain strong.
DXY continues its struggle to surpass the 106.84 level we mentioned earlier. If this level is surpassed, the last obstacle is at 107.8 level. The next targets will be the resistance levels of 110 and 113.96. In an environment where the target is the September 2022 peak of 115, cryptocurrencies will now struggle against the wind.
The expectation from FedWatch for the November 1st meeting is a 69.1% probability of keeping interest rates steady. For the December 13th meeting, this rate is halved and there is an increasing expectation that the last interest rate hike will take place on this date.
