During the week from September 15 to September 22, 2023, the price of Bitcoin remained virtually unchanged. It is still around $26,600. However, in the first half of the week there were some attempts to grow. At the moment, quotes even rose above $27,500, but that was all.
The main news story of the week could be the speech of the head of the Federal Reserve System (FRS) Jerome Powell. It was announced that the key rate will remain unchanged, in the range of 5.25-5.5%. At the same time, Powell did not rule out further tightening of monetary policy. According to the official, further decisions to be made by the Fed depend on statistical data in future months. No specifics yet
Powell did not give any information on this matter.
Crypto investors received such rhetoric without enthusiasm. If you look at the chart, it was on Wednesday, when the head of the Fed spoke, that the fall began.
Also, sentiment among short-term BTC holders continues to put pressure on the price of Bitcoin. The Week On-Chain provides interesting statistics in its weekly review
Glassnode portal. According to them, for those who bought BTC in the last 155 days and continue to hold, the average price is about $28,000. On Friday, September 22, in the evening, the price of Bitcoin is $26,621, which is almost 5% lower. Thus, it is obvious that tension will increase among such investors the longer BTC stays below $28,000.
But there is also some positivity. The average purchase price from investors (excluding miners who engage in mining) is $17,600. And as of September 2023, the price is 47% higher. So not everything is so simple. However, there is no positive in the short term yet.
Similar conclusions can be reached using technical analysis. Last week the price moved above the 50-day moving average (in blue), which should have been a bullish signal. However, after Jerome Powell’s speech, everything returned to normal. This week’s growth formed a new resistance level – $27,486. The support level remained at the same level – $27,456.
fear and greed fell by two points compared to last week. The current value is 43. This indicates the predominance of fear over greed.
Ethereum showed slightly more negative dynamics compared to Bitcoin, falling by 2.84%. At the same time, the movement of the second cryptocurrency by capitalization practically repeated that of BTC: growth before Jerome Powell’s speech and fall after.
Finally, there is information from regulators regarding spot ETFs for ether. The US Securities and Exchange Commission (SEC) admitted that it is ready to consider two proposals from Ark Invest and VanEck. Regulator
opened A 45-day period during which comments will be provided on both applications. It’s worth noting that the SEC’s action does not signify approval of Ark Invset and VanEck’s spot ETFs, just confirmation that the applications have gone through.
And more about exchange-traded funds. Grayscale has filed an application for an Ethereum futures ETF. This is not the company’s first attempt. Formerly Grayscale
applied in accordance with the Investment Company Act of 1940. It is in accordance with this document that most exchange-traded funds are registered. In its latest attempt, the company
refers on the Law of 1933 “On Securities”. According to this document applications are being submitted for commodity ETFs and Bitcoin spot ETFs.
From a technical analysis point of view, ETH has a worse picture than BTC. Here this week, no one broke the 50-day moving average (indicated in blue). The overall trend is still bearish. The nearest resistance level is $1,669.2, and the nearest support level is $1,531.1.
Toncoin showed an increase of almost 9% from September 15 to September 22. Moreover, over the past seven days the growth generally reached 23.5%. As with the cryptocurrencies described above, the decline began on Wednesday, September 20, 2023.
What caused the growth of the TON token in such a low-volatility market? On September 14, the TON Foundation announced on X (formerly Twitter) the integration of a custodial wallet into Telegram. Access it
received 800 million users. This allowed Toncoin to enter the top ten cryptocurrencies by market capitalization. At the moment the coin was in ninth place. On the evening of Friday, September 22, Toncoin ranks tenth with a capitalization of just under $7.9 billion.
From the point of view of technical analysis, positive sentiment prevails among holders of this cryptocurrency. The coin is trading above both the 50-day moving average (in blue) and the 200-day moving average (in orange). Overall, this indicates a bullish trend for the long term. The nearest resistance level is $2.6, support level is $2.07.
Thus, the current week in cryptocurrency was divided into two parts: growth before Jerome Powell’s speech and after. At the same time, Toncoin showed better dynamics in comparison with Bitcoin and Ethereum. This allowed the coin to break into the top 10 cryptocurrencies by capitalization.
This material and the information contained herein do not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.