Crypto News: Fed Chair Powell Delivers a Crypto Boost as SBF Defense Rests

Key Insights:

• BTC hit a new 2023 high on Wednesday and ended the day at $35,482.
• Investors reacted to the Fed Chair Powell press conference and forward guidance on monetary policy.
• The defense and the prosecution rested in the Sam Bankman-Fried trial.

US Federal Reserve Chair Jerome Powell Suggests End to Rate Hike Cycle

On Wednesday, Fed Chair Powell eased bets on a December Fed rate hike, fueling demand for BTC and the broader market.

BTC rallied 2.30% and ended the Wednesday session at $35,482. Significantly, BTC struck a new 2023 high of $35,717 on Thursday morning as the Asian markets reacted to the latest Fed forward guidance.

MicroStrategy Third Quarter Earnings Showcased 158,400 BTC Holding

MicroStrategy (MSTR) rose by a modest 0.77% on Wednesday vs. a 1.64% Nasdaq Composite Index gain. However, the recent acquisition of BTC coincided with the BTC breakout from sub-$30,000.

On Wednesday, MSTR released its Q3 earnings results. According to the presentation, MicroStrategy held 158,400 BTC as of October 31, 2023, at a total cost of $4.69 billion, or $29,586 per bitcoin. Since October, MicroStrategy has made a cool $934 million on its BTC holdings.

Jury to Begin Deliberations in Sam Bankman-Fried Trial

On Wednesday, the Prosecution and the Defense delivered closing arguments. Sam Bankman-Fried’s (SBF)lawyer Cohen closed, saying,

“Here we are, finally, before you, in your hands. You’ll find Sam acted in good faith. He didn’t want to defraud. Find him not guilty.”

During closing arguments, the Defense counsel noted the plea agreements, immunity to prosecution, and non-prosecution agreements signed by prosecution witnesses. Caroline Ellison, Nishad Singh, and Gary Wang signed plea deals for testimony. Adam Yedidia signed an immunity agreement, with Can Sun executing a non-prosecution agreement.

Altcoins in Breakout Mode

Uniswap (UNI) rallied 15.60% to lead the crypto top 100 by market cap on Wednesday. Other notables included Near Protocol (NEAR) and Oasis Network (ROSE).

NEAR and ROSE ended the day up 14.67% and 14.27%, respectively.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC return to $36,000 would support a break above the $36,400 resistance level to target $37,000.

BTC-spot ETF-related news and SEC activity will be the focal points. However, shifts in sentiment toward Fed monetary policy also warrant consideration. Hotter-than-expected labor market numbers could refuel bets on a December Fed rate hike.

A BTC break below the $35,265 support level would bring the $32,436 support level into view.

The 14-Daily RSI reading of 84.41 shows BTC sitting in overbought territory, signaling a pickup in selling interest.

Ethereum Analysis

ETH sat above the 50-day and 200-day EMAs, sending bullish price signals.

An ETH break above the trend line would give the bulls a run at the $1,926 resistance level. ETH-spot ETF-related news will also influence buyer appetite.

Failure to break above the trend line would leave the $1,805 support level in play.

ETH sits in overbought territory with a 14-Daily RSI reading of 76.09. Seller pressure could intensify at current levels.