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Bitcoin consolidates near $30,000 as investors await Fed rate decision

Kitco Media
By Jordan Finneseth
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(Kitco News) - The cryptocurrency market remained in a holding pattern to close out the work week as investors await next week's policy decision from the Federal Reserve, with most analysts anticipating a 25 bps hike.

Stocks got off to a hot start in trading on Friday, but the momentum faded as the day progressed, ultimately resulting in a mixed finish for the major indices. The S&P and Dow closed the day flat while the Nasdaq finished down 0.22%.

Data provided by TradingView shows that Bitcoin (BTC) continues to trade near support at $30,000, where bulls and bears appear evenly matched in strength, resulting in stagnant price action.

BTC/USD Chart by TradingView

That could soon change, however, as Kitco senior analyst Jim Wyckoff warned that “bulls are fading a bit late this week,” before noting they “still have the slight overall near-term technical advantage but need to show fresh power soon to keep their chart edge.”

Crypto analysts on Twitter had little to say about the price action for Bitcoin as it has been trading within the same range for more than a month now.

MN Trading founder Michaël van de Poppe posted the following chart outlining the path he sees Bitcoin taking if it fails to reclaim $30,300.

BTC/USD 4-hour chart. Source: Twitter

Poppe followed up with the following tweet, which encapsulates the views of many analysts and traders in the crypto market.

Altcoin consolidation continues

It was a mixed trading day for the altcoin market with roughly two-thirds of the tokens in the top 200 recording slight gains.

Daily cryptocurrency market performance. Source: Coin360

Maker (MKR) was the biggest gainer, increasing 11.9% to trade at $1,143, followed by a 9.43% gain for NYM (NYM) and an 8.11% increase for Synthetix (SNX). The only token to lose more than 5% was GMX (GMX), which declined 6.21%.

The overall cryptocurrency market cap now stands at $1.2 trillion, and Bitcoin’s dominance rate is 48.3%.

Kitco Media

Jordan Finneseth

Jordan Finneseth is a Crypto Market Reporter for Kitco Crypto. Coming from a background in Psychology and Human Behavior, he began to focus his attention on the cryptocurrency space in early 2017 after noticing the rapid growth of this emerging market. Since that time, Jordan has worked as a content creator for multiple projects and as a crypto news journalist reporting on the latest developments within the cryptocurrency market. Jordan holds a Master of Science in Clinical/Counseling Psychology and a pair of Bachelor's degrees in Psychology and Environmental Health Science. You can reach out Jordan Finneseth at 1- 514.670.1372.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.