Cryptocurrency markets are experiencing an upswing, with Bitcoin and its altcoins showing growth amid geopolitical risks and expectations surrounding the Federal Reserve meeting.
Geopolitical Situation and Fed Meeting
Current tension in the Middle East, especially between Israel and Iran, has influenced oil prices and become a focal point for traders. The Fed is expected to maintain interest rates at 4.25–4.50% during Wednesday's meeting, despite some calls for cuts. Analysts believe that without a clear decline in inflation, opportunities for rate changes are limited.
Bitcoin Trading Ranges
At the start of the week, Bitcoin is trading in a range of about $105,500 to $107,032. After a slight dip to $104,900 over the weekend, recovery was witnessed. Support will hold at around $104,200, while a break above $109,500 could lead to a rise toward $110,000.
Altcoin Dynamics
Ethereum is gaining attention, rising nearly 4% amidst rumors of upgrades. The total value locked in DeFi on Ethereum has also increased. The altcoin Solana surged ahead by 7% following news of compatibility with new layers. JITO, a small-cap alternative, also showcased significant single-day gains, outperforming most peers in the market.
With current geopolitical risks and the anticipated Fed meeting, markets remain in a state of uncertainty. The need to monitor price movements and news is especially relevant for traders.
