The crypto market since this afternoon has shown signs of recovery for a handful of analysts, as major cryptocurrencies have recovered from critical support levels. Bitcoin (BTC) and Ethereum (ETH) have started to soar after touching the $ 20k and $ 1k levels ahead of the Fed meeting.
It should be noted, the U.S. stock futures market has also shown an increase of 1% and government bonds traded stable ahead of the interest rate decision by the Fed at midnight.
In the past few hours, the crypto market has had a resurgent trend with the top cryptocurrencies bouncing back from critical support levels. The price of Bitcoin (BTC) is currently trading at $ 21,397.92, up 5% in a few hours. Meanwhile, Ethereum (ETH) has jumped nearly 10%, with the current price trading at $ 1,134.13 per unit. The top two cryptocurrencies have recovered from their critical support levels at $ 20,000 and $ 1000, respectively.
Other major cryptocurrencies including BNB, XRP, Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Avalanche (AVAX) also traded higher. In fact, Tron (TRX) led the rise with an upward movement of more than 5% in the last hour. This is due to the transfer of TRX tokens worth millions of dollars from Binance by Tron DAO Reserve.
The recovery also saw DeFi -type cryptocurrencies such as Compound, Maker, Aave, UniSwap, and Chainlink soaring nearly 5%.
According to crypto analyst Rekt Capital, the price of Bitcoin tends to decline immediately after continued sales and a recovery trend can be seen from time to time depending on sentiment.
Investors are now waiting for the Fed’s tea interest rate hike decision. Rate setting is expected to have an influence on the market. Although there has been a slight recovery in Bitcoin and Ethereum, the price is still down 5% and 6% down in the last 24 hours. The rise was driven by the ‘Whales’ group buying BTC at a discount, however investors should wait for a clear indication of this uptrend.
