The two largest coins are higher at press time, as the global cryptocurrency market cap rose 1.7% to $944.8 billion at 8:18 p.m. EDT Monday.
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Bitcoin and ether were green ahead of the US along with other risky assets federal reserve‘s policy meeting, which is scheduled to start on Tuesday.
The S&P 500 and Nasdaq futures are up 0.4% and 0.55%, respectively, as of this writing.
“The entire cryptoverse is vulnerable to rising borrowing costs, and that risk remains at the forefront,” said OANDA Senior Analyst Edward Moyain a note Benzinga saw.
“This week could be the catalyst that pushes the market to price in a peak Fed tightening. This could be the moment for bitcoin to rip off the bandage as the selling pressure here could get ugly, but this may be what is needed to form a bottom.”
Justin Bennett said bitcoin is testing the $19,600 level. The trader tweeted, “Claim that back on the daily chart and things might get interesting.”
“There are still plenty of short liquidations up to $19,800 and even more at $20,500. We’ll see, but so far it looks like a V-bottom.”
$BTC tests key $19,600 area. Get that back on the daily chart and things could get interesting.
There are still plenty of short liquidations up to $19,800 and even more at $20,500.
— Justin Bennett (@JustinBennettFX) September 19, 2022
A “V-Bottom” refers to a pattern that forms when the…