Bitcoin (BTC) price remains bullish ahead of the US Federal Open Market Committee (FOMC) meeting later today. With investors watching the clock, the n
for the king of crypto, considering macroeconomic factors have influenced BTC prices across the year. The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin.
It is likely that Bitcoin price could extend to tag the supply zone around the $29,000 psychological level before a possible pullback due to selling pressure from this order block. A decisive break and close above its mean threshold at $29,367 would continue the uptrend.However, a rate hike or hawkish rhetoric could see Bitcoin price rejected from the $27,500 level to test the $26,640 support level.
Independently, however, Ethereum price remains bearish, with momentum falling as indicated by the RSI dropping. The AO also remains negative, indicative of dominance by the bears. The immediate support at $1,624 is therefore critical for ETH, as losing it would plunge it back under a confining bearish trendline. The downtrend could go as low as the $1,552 level.
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