$BTC held above $23K on Friday as traders awaited next week’s Federal Open Market Committee decision on interest rates and any hints policymakers may drop about when their hiking campaign might end. _jocelynyang_ reports
that traders see roughly a 99% chance the FOMC will raise rates by 25 basis points at its February meeting.
With the recent broader market rally, top crypto assets like bitcoin and ether have topped equities this year: ETH is up about 32%, while the is up 39%. In comparison, the S&P 500 and the Nasdaq Composite index were up 6% and 10%, respectively.Joel Kruger, markets strategist at crypto exchange LMAX Digital, said that from a technical standpoint the price of BTC is currently overbought, as seen by the daily relative strength index that measures the magnitude of recent price changes.TradingView chart shows the relative strength index has been increasing since mid-January. to watch comes in at around $25,200 based on its August peak.
“There's a lot of room to go either way,” he said. “I'm just wondering if there's one more shoe to drop before we finally see that next big push.”shows the funding rates for BTC currently sit at around 0.01% as of Friday, a signal that market sentiment leans bullish among traders, but are “still far from the 0.
Outumuro wrote that “the current levels in derivatives suggest the market is optimistic, but at the same time not yet overheated, which could create grounds for the ongoing rally to persist.”
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