Market Report - 22 May 2023

Overview

Unfortunately, the debt ceiling remains the major topic for the time being. The presence of recession concerns and the possibility of the US government failing to increase its debt ceiling may cause a negative attitude. The market's direction remains unknown.

President Joe Biden and United States Congress Chairman Kevin McCarthy intend to raise the federal government's debt ceiling, which is expected to impact market prices. The likelihood of an interest rate increase in June has dropped from 35.6% to 15%.

The crypto market remains in a sideways movement for two consecutive weeks. Bitcoin (BTC) price was down to below $27,000 level over the past week, so does Ethereum (ETH) that stays over $1,800 level.

Bitcoin Price Movement

The price of Bitcoin (BTC) is currently undergoing a period of consolidation, hovering in a range between $26,600 and $27,200. Traders and investors are closely monitoring the key support and resistance levels within this range. Notably, if the price breaches the intraday support at $26,600, it may trigger a potential selloff as selling pressure intensifies. This level has become a crucial threshold for market participants, serving as a pivot point for determining the short-term direction of BTC.

Moreover, should the selling pressure prevail, the next major support level lies at $25,000, which has historically exhibited strong buying interest.

Ethereum Price Movement

ETH is currently experiencing a consolidation phase, with its price tightly bound within the range of $1,780 to $1,820. This indicates a period of relative stability and indecision in the market. However, there is an increasing expectation of a potential selloff in the near future.

It is worth noting that ETH's price movements often mirror those of BTC, so if BTC undergoes a selloff, ETH is likely to follow suit. Traders and investors are closely monitoring these developments to anticipate the next significant movement in ETH's price.

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Disclaimer

This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.

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