Bitcoin, Ethereum, XRP, Dogecoin Grind Up After As-Expected Fed Rate Cut Decision
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Zinger Key Points
  • Global cryptocurrency market capitalization is trading relatively flat at $3.5 trillion.
  • One trader marks the $101,000-$106,000 range as a key diagonal resistance.

Cryptocurrency markets are trading slightly up as the Federal Reserve continue to hold interest rates steady.

CryptocurrencyPrice   Gains +/-
Bitcoin BTC/USD $103,822+2.6%
Ethereum ETH/USD $3,119+0.6%
Solana SOL/USD $233.27+2.1%
XRP XRP/USD $3.00+0.2%
Dogecoin DOGE/USD $0.3288+2.3%
Shiba Inu SHIB/USD $0.00001853+1.6%

Notable Statistics:

  • IntoTheBlock data shows large transaction volume decreasing by 21.4% and daily active addresses falling by 7.8%. Transactions greater than $100,000 are down from 12,753 to  10,724 in a single day. Exchanges netflows are down by 721.5%.
  • Coinglass data reports 128,942 traders were liquidated in the past 24 hours for $285.11 million.

Notable Developments:

Top Gainers:

CryptocurrencyPrice   Gains +/-
Dogwifhat WIF/USD$1.22+18.1%
Onyxcoin XCN/USD$0.03439 +14.2%
Fartcoin JTO/USD$0.9887+13.1%

Trader Notes: Glassnode data shows the ratio of profit to loss volumes among Bitcoin Long-Term Holders (LTH) remaining high, characteristic of bull markets.

Crypto trader Follis, in a recent X post, indicated that the classic FOMC shakeout could flush weak hands, reset leverage, then send it higher.

If Bitcoin recovers quickly post-FOMC, it's just more fuel for the uptrend.

Crypto trader Rekt Capital sees Bitcoin testing the diagonal resistance within the $101,000-$106,000 range and a daily close above this resistance as crucial for a breakout.

Without this close, previous upside wicks risk rejection.

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