Cryptos consolidate as investors await FOMC decision on interest rates

- Consolidation continued for the crypto market on Tuesday as Bitcoin bulls held the line at $29,200 while Dogecoin traded up more than 10% after seeing a boost in trading activity in the wake of Elon Musk adding the DOGE symbol to his X profile.

Data provided by TradingView shows that Bitcoin’s price crept higher on Tuesday after initially falling to a low of $29,165 in the early hours, hitting a daily high of $29,480 in the afternoon before pulling back to support at $29,300.August Bitcoin futures prices traded slightly higher in early U.S. trading according to Kitco senior technical analyst Jim Wyckoff, who noted that “futures prices hit a four-week low on Monday.

“It’s the potential for a Fed pivot that may be a key determinant of performance,” McGlone said. “That the rising stock market has coincided with rate-hike expectations might portend a lose-lose for risk assets." Crypto analyst Cheds told his Youtube subscribers that he sees a possibility that Bitcoin could retest the $27,500, $28,000, and $28,500 support levels before a continuation occurs.

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