The crypto market is stuck in a tight range as larger cryptocurrencies are unable to break above key levels of resistance. The sector has been mostly inclined to the downside since September when Ethereum completed “The Merge”. Related Reading: A Bullish Week In Bitcoin On The Way? BTCUSD Analysis October 17, 2022 At the time of writing, Bitcoin (BTC) trades at $19,500 with a 2% profit in the last 24 hours while Ethereum records a 3% profit over the same period. Other cryptocurrencies follow a similar trajectory during today’s trading session with XRP and Cardano amongst the worst-performing assets in the sector. Crypto And Global Markets Close To A Bottom, But Far From A Bull The successful completion of “The Merge” left the crypto market without a narrative of its own. Thus, the nascent asset class has been moving in tandem with traditional equities and major indexes. Macroeconomic forces have been dominating the price action in risk-on assets, most of crypto and equities, as the U.S. Federal Reserve (Fed) rushes to slow down inflation. The financial institution has been hiking interest rates unleashing a bear market that has rippled across the financial world. In this situation, every market participant wants to know when crypto will finally bottom out. In order for this to happen, equities must find a bottom first, and according to Jurrien Timmer, Director of Macro for Fidelity, this might be close to happening. Via his of...
