On Sunday, Bitcoin is trading sideways, maintaining a narrow range of $17,000 to $17,350 level. Similarly, Ethereum has risen above the $1,250 level, a support level that’s extended by an ascending triangle pattern.
Major cryptocurrencies were trading in the red early on December 11 as the global crypto market cap increased 0.9% to $855.49 billion on the previous day. Over the last 24 hours, the total crypto market volume has decreased by 31.20 percent to $23.76 billion.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top Altcoin Gainers and Losers
Osmosis (OSMO), ApeCoin (APE), and Stacks (STX) are three of the top 100 coins that have gained value in the last 24 hours. OSMO’s price has risen nearly 12% to $1.01; APE’s price has risen more than 7% to $4.23; STX’s price has risen nearly 4.65%.
Three of the top 100 coins that have lost value in the last 24 hours include Chain (XCN), Celo (CELO), and Uniswap (UNI) is down roughly 5% to $0.0360, while CELO has down about 4% to trade at $0.5960. At the same time, UNI price is down more than 1% to $5.10.
Economic Downturn Concerns for 2023
As investors reduce their exposure to potential losses in anticipation of next week’s newsworthy events, Bitcoin’s price shows no sign of life. The US Congress will hold its first hearing into the FTX collapse on December 13, with the Senate Banking Committee following suit the next day.
Sam Bankman-Fried, the former CEO of FTX, has consented to appear before the panel on Friday in response to the subpoena. Due to their regulated nature, crypto values are likely to be affected long-term by the investigation, which is expected to last for weeks.
The outcome of the Federal Open Market Committee (FOMC) meeting scheduled for December 14 also has investors’ attention. Markets appear to have already priced in a 50-basis point rate hike in response to FED chief Jeremy Powell’s “pivot” comments from last month, but investors are scared about a recession in 2023 due to the bank’s past mistakes.
Elon Musk, CEO of Tesla, warned on Friday, “if the Fed raises rates again next week, the recession will be considerably aggravated.” In response to Musk, Northman Trader founder Sven Henrich warned that next week’s rate hike would entrench a recession and cause further market upheaval.
Grayscale Claims SEC Filed First Brief in Bitcoin Futures ETF Lawsuit
In response to the crypto asset management Grayscale Investments’ lawsuit against the US Securities and Exchange Commission over the rejection of its application for a spot bitcoin exchange-traded fund, the SEC has reportedly filed its first legal brief.
In a statement released on Friday, the corporation described the filing of the amicus papers as “the next milestone in our continuing action.” The company had previously filed its opening brief on October 11.
Grayscale’s reaction to the SEC filing restated its initial brief’s claims and blamed the SEC of “creating an uneven playing field for investors by accepting Bitcoin futures-based ETFs while continually refusing spot Bitcoin ETFs.”
The ongoing developments on the SEC Grayscale put downward pressure on cryptocurrency prices.
Bitcoin’s current price is $17,179, and the 24-hour trading volume is $13 billion. The BTC/USD pair has gained nearly 0.15% in the last 24 hours, while CoinMarketCap currently ranks first with a live market cap of $360 billion, down from $360billion yesterday.
Given the lack of volatility, the technical aspect of Bitcoin has largely changed, as it trades in a narrow range. On the 4-hour timeframe, Bitcoin has formed an upward channel, which is supporting the bullish trend; therefore, BTC may face resistance near the $17,400 level.
A bullish breakout above the $17,400 level could take Bitcoin to the $17,650 level, and a bullish crossover above this level could take Bitcoin to the $18,150 level.
A bearish crossover below $17,000, a level extended by the 50-day simple moving average, can start a selling trend that could last until $16,650.
The current price of Ethereum is $1,275, with a $6 billion 24-hour trading volume. Ethereum has gained nearly 0.80% in the last 24 hours, and CoinMarketCap currently ranks second, with a live market cap of $156 billion.
On the 4-hour chart, Ethereum has bounced off a $1,220 support level and crossed above the 50-SMA line at $1,250, which is now acting as a support.
On the upside, the immediate resistance level for ETH is $1,300, and a break above this level could expose ETH to $1,340.
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