The cryptocurrency market continues to keep traders on their toes, with sudden spikes and drawdowns liquidating longs and shorts, leaving many befuddled as to what comes next.
Bitcoin trades near $94,900 before the Fed’s expected rate cut, but bearish technicals and a potential “sell the news” reaction threaten a reversal toward $85,000.
Gold is defending the $4,200 mark early Wednesday, having staged a decent comeback on Tuesday from near the $4,170 region. Traders gear up for the all-important US Federal Reserve (Fed) policy announcements.
The Nasdaq 100 is slightly weaker in early Tuesday trading, though markets remain focused on Wednesday’s FOMC decision and press conference.
Silver extends its strong upward move, breaking above $60 as traders anticipate the Federal Reserve’s upcoming rate decision and press conference.
EUR/USD is sticking to a soft downside bias on turnaround Tuesday, sliding back toward the key 1.1600 area and marking fresh multi-day lows. It’s also testing the 55-day SMA from above, adding a bit of technical tension to the move.