The Federal Reserve decided to keep interest rates unchanged at 5.25%-5.50% on Wednesday. Fed Chair Jerome Powell said they are still evaluating whether tighter financial conditions are necessary to control inflation and minimize disruption to stable job and wage growth.
After a period of relative stability, the price of Bitcoin (BTC) experienced a surge in October, increasing by a staggering 30%. This sudden rise has sparked a sense of excitement and optimism among the crypto community, who are eagerly anticipating what November has in store. However, as with any sudden market shift, BTC fails to hit the $36,000 price level and stays around the $34,000 to $35,000 price level.
There are lingering questions about whether this upward trend will continue, or a downturn will follow in the coming weeks.
Bitcoin (BTC) continues to display a bullish long-term market structure, suggesting a positive outlook for the digital asset. However, there are some notable developments. BTC dominance has witnessed a slight decline, signaling a potential shift of capital from Bitcoin to various Altcoins. This shift may reflect investors diversifying their portfolios as the cryptocurrency landscape evolves.
Despite the overall bullish sentiment, Bitcoin's price is encountering resistance around the $35,000 mark, with ongoing struggles to breach this crucial level. Traders and investors are closely monitoring this resistance, as a successful breakout could potentially pave the way for further gains in the near future.
The Ethereum (ETH) market is exhibiting bullish momentum, mirroring the positive sentiment seen in Bitcoin (BTC). Interestingly, some analysts believe that ETH has a larger potential for upside gains when compared to BTC, attributed to its versatility and adoption in various decentralized applications and smart contracts.
Moreover, the weakening of BTC in relation to Altcoins, as indicated by the declining BTC dominance, could potentially act as a catalyst for ETH's price to surge higher. Investors and traders are closely watching the dynamics between BTC and Altcoins, with the anticipation that ETH could see significant price growth in the wake of these developments.
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.