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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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Crypto-versed: prices break out as market sentiment turns bullish

Crypto prices have broken out as sentiment in global markets turns bullish.

Source: Bloomberg
Forex Cryptocurrency Bitcoin Federal Reserve Market trend Inflation
IG Analyst  
Publication date:

Crypto prices have broken out as sentiment in global markets turns bullish. In this week’s Crypto Verse, we review the week that was in the crypto world and check in on the charts of Bitcoin and Ethereum.

Sentiment improves as US inflation drops

Market sentiment has improved globally, pushing money flow into crypto assets. The bullishness has been stoked primarily by softening US inflationary pressures, along with the growth tailwinds provided by a re-opening Chinese economy.

The latest US CPI release revealed headline inflation dropped to 6.5% in December, with the data prompting traders to price in that the US Federal Reserve will step down the size of its rate increases to 25 basis points.

Market participants are also broadly discounting rate cuts from the Fed before year-end, with the euro dollar futures curve implying the Fed’s key rate could finish 2023 around 4.65%.

Source: CME Group

The paring back of expectations of futures Fed hikes has simultaneously lowered US Treasury yields and weakened the US dollar, pushing Bitcoin (and other crypto prices) higher.

Source: Reuters

  • Bitcoin

Bitcoin has surged and is trading above where it was prior to the FTX collapse. Price has broken through resistance around $US17,500 and $US18,500, and it currently challenging resistance at $IS21,500.

The daily RSI is very overbought and signalling a loss of upside momentum. The 200-day moving average, which Bitcoin is now trading above, could act as future support.

Bitcoin daily chart

Source: IG

  • Ethereum

Ether has broken out and pushed above key resistance at $1350. Price is above the 200-day MA now but the daily RSI is overbought and pointing to slowing upside momentum. The first level of support appears around $US1500, with the next major level to the upside around $1630.

Ethereum daily cahrt

Source: IG

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