Cryptos trade sideways as all eyes are focused on inflation data and the Fed

Bitcoin Bitcoinprice BTC crypto Cryptos trade sideways as all eyes are focused on inflation data and the Fed

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Investor hesitation was even more apparent in the traditional markets as the major indices saw their second straight day of declines after executives from Bank of America and Goldman Sachs predicted "negative growth" in the first part of 2023 and continued job cuts. As a result of the negative sentiment, the S&P, Dow and Nasdaq all closed in the red, down 1.44%, 1.03% and 2.0%, respectively.

Looking ahead, “Bulls have the very slight near-term technical advantage but need to show fresh power soon to keep it,” Wyckoff warned.A deeper dive into the Bitcoin market was provided by analysts at TechnicalRoundup, who noted that “the market has been mostly moving sideways between $16,000 and $17,600,” in their most recent newsletter.

“$18,000-$19,000 and $12,000-$13,900 remain the most relevant levels for larger swing trade ideas, and the market is not trading there at the moment,” the analysts said. “We should hopefully have clearer views once the market moves towards the boundaries of the current consolidation.”

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