Bitcoin Price and Ethereum Prediction – BTC Can Pump 10% Above This Level Today
During the Asian session, the Bitcoin price is trading bearish at $20,244 after getting rejected at the $21,000 resistance zone. Likewise, Ethereum has completed a 61.8% Fibonacci retracement at $1,550 and is now heading lower, losing more than 3% in the last 24 hours to trade at $1,504.
Major cryptocurrencies were trading in the red early on October 28 as the global crypto market value lost momentum, plunging from $1 trillion to $979 billion.
This week, investors' focus continues to stay on the US monetary policy. Federal Reserve Chair Jerome Powell is under increasing scrutiny from the political opposition about the Fed's policy decisions. The Fed chairman, who is no stranger to political pressure, received a letter of concern from Sen. Sherrod Brown this week.
In the letter, the Democrat from Ohio expressed concern that the Federal Reserve's rate hikes to combat inflation could result in the loss of jobs.
Sen. Sherrod Brown wrote:
“It is your job to combat inflation, but at the same time you must not lose sight of your responsibility to ensure that we have full employment. Potential job losses brought about by monetary over-tightening will only worsen these matters for the working class
The letter arrives before the Fed's upcoming two-day policy meeting, which is largely expected to end on November 2 with a fourth consecutive 0.75 percentage point increase in interest rates.
That would signal the quickest pace of policy tightening since the early 1980s and raise the central bank's benchmark funds rate to a range of 3.75% to 4%, its highest level since early 2008. Hence, Fed Chair Jerome Powell may be pushed to slow the rate hike, causing the US dollar to fall and the cryptocurrency market to rise.
Klaytn (KLAY), Dogecoin
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