Bitcoin, Ethereum, Dogecoin Slump As Post-Fed Rally Fades: Analyst Says Breaching $25K Looks Difficult For Apex Coin

Major coins traded in red late Thursday, as the global market cap went down 1.49% reaching $1.08 trillion, recorded at 8:30 p.m. EST.

What Happened: The largest cryptocurrency by market value, Bitcoin BTC/USD traded at $23,576. Ethereum ETH/USD  was changing hands at $1,649, down 1.74% in the last 24 hours.

Dogecoin DOGE/USD was down 3.66% in the last 24 hours, pushing its price up to $0.094. 

U.S. equities were upbeat on Thursday as the tech-heavy Nasdaq Composite shot up 3.25% and the S&P 500 traded nearly 1.5% higher.

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Facebook Parent Meta Inc's META Metaverse Division has reported an alarming financial loss of $13.7 billion in 2022. The division reported losing a staggering $4.3 billion in the fourth quarter of 2022 alone but the tech giant remains bullish on its metaverse strategy.

Analyst Notes: “​We might be getting six more weeks of winter, but it doesn’t seem like we will be seeing an ice age in crypto. January was a robust month for crypto and the FOMC decision helped keep all risky assets going higher. ​ Bitcoin is rallying as the post-Fed rally holds and global bond yields extend their declines. Bitcoin is riding this risk-on mood from Wall Street, but it might struggle to break above massive resistance from the $25,000 level,” said Edward Moya, senior analyst at OANDA, in a note seen by Benzinga.

Crypto analyst Pentoshi warned against the lack of momentum seen after $BTC's two-week consolidation phase. 

$BTC gave me a warning flag bc we had a longer consolidation of almost two weeks and then weren't able to get the momentum after breakout. Think todays daily will provide more clues. Still 12 hours to go and will update around then. pic.twitter.com/NPlFwBKhMP

— Pentoshi 🐧 (@Pentosh1) February 2, 2023

Crypto trader Justin Bennett is keeping an eye on the divergence between the higher highs/lows from BTC and volume since mid-January. He says, “this is often a sign of fatigue, and that $22,200 liquidity pool is still open for business.”

GM fam. �

Keeping an eye on the divergence between the higher highs/lows from $BTC and volume since mid-January. 👀

This is often a sign of fatigue, and that $22,200 liquidity pool is still open for business. #Bitcoin pic.twitter.com/DpV4QVBXLg

— Justin Bennett (@JustinBennettFX) February 2, 2023

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