Bitcoin, Ethereum, XRP, Dogecoin Dip As Markets Await FOMC: 'Don't Get Fooled With Ongoing Correction,' Trader Says

Cryptocurrency markets are trending lower on Tuesday as investors brace for tomorrow’s FOMC meeting.

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 32.6% and daily active addresses growing by 16.1%. Transactions greater than $100,000 are up from 6,332 to 9,291 in a single day. Exchanges netflows are down by 426.1%.
• Coinglass data reports 110,223 traders were liquidated in the past 24 hours for $209.24 million.
• Crypto trader Ted Pillows noted that long-term holders purchased 167,000 BTC worth $13.9 billion. He believes Bitcoin will follow gold.

Notable Developments:

Top Losers:

Trader Notes: Stockmoney Lizards sees the current dip as a normal correction in a bull market and cautions traders not to be misled. He expects BTC to break $108,000 within weeks or months.

CrediBULL Crypto notes Bitcoin is ranging between support and resistance, while forming a higher timeframe bottom, with price action remaining choppy as it awaits a breakout.

Crypto trader Roman highlights that BTC’s 4-hour chart aligns with his plan to see $70,000 tested as weekly support before any short-term upside.

He warns a drop below $80,000 could lead to a swift decline and believes the market is waiting on the FOMC for direction.  

Crypto Raven points to a gap between Bitcoin’s price and Global M2 growth, historically a correlated metric. He sees this as a sign BTC is due for a catch-up rally toward at least $100,000, stating, “The bull market is far from over.”

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