Bitcoin, Ethereum, Dogecoin Move Sideways Ahead Of Fed's FOMC Meet: Analyst Says 'Only A Matter Of Time' Before King Crypto Hits $74K

Leading cryptocurrencies maintained sideways movement Sunday evening as investors eyed the Fed's interest rate decision and inflation data for guidance.

CryptocurrencyGains +/-Price (Recorded 8:30 p.m. EDT)
Bitcoin BTC/USD+0.34%$69,499.92
Ethereum ETH/USD+0.45%$3,695.98
Dogecoin DOGE/USD-0.30%$0.1461

What Happened: Bitcoin wobbled in the $69,000 zone after falling sharply on stronger-than-expected jobs data on Friday.

Ethereum witnessed a similar trajectory, with the world's second-largest cryptocurrency consolidating in the $3,600 region. 

In the past 24 hours, 26,965 traders were liquidated, with the total liquidations coming in at $41.52 million. Nearly equal amounts of long and short liquidations reflected the flatter trajectory.

The Open Interest in Bitcoin Futures rose 0.60%, mirroring the rise in spot price. On the other hand, Ethereum's OI fell 0.72%.

In the last 24 hours, the number of traders betting on Bitcoin's price decline surged dramatically vis-à-vis those who took long positions, suggesting the dominance of bearish sentiment.

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 8:30 p.m. EDT)
Mantra (OM)+12.77%$1.04
Chiliz (CHZ)+8.29%$0.128
Kaspa (KAS)+6.97%$0.1686

The global cryptocurrency market cap is $2.54 trillion, falling 0.42% in the last 24 hours.

Stock market futures traded in the red on Sunday night. The Dow Jones Industrial Average Futures fell 9 points, or 0.02%, to 38,850 as of 8:30 p.m. EDT. Futures tied to the S&P 500 slipped 0.04%, while Nasdaq 100 Futures dipped 0.09%.

This follows a positive week for Wall Street, with all three major indices recording significant gains. The S&P 500 hit a record intraday high on Friday.

This week, the consumer price index report and the Federal Reserve's rate decision, both due on Wednesday, will be on the radar of investors. As of this writing, there was a 99% probability of the Fed keeping the rates steady, according to the CME FedWatch Tool.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely followed cryptocurrency trader Mister Crypto noted "so much" liquidity for Bitcoin at $74,000, while analyzing its liquidation heatmap.

"Only a matter of time until BTC grabs it," the analyst predicted. 

Moreover, popular cryptocurrency analyst Rekt Capital flagged the King Crypto's movement in what they termed as the "Post-Halving Re-Accumulation Range," with range highs at $71,500 and range lows at $60,600.

Photo by Avi Rozen on Shutterstock

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