Bitcoin, Ethereum, Dogecoin See Marginal Gains As Investors Await Monetary Policy Decision: Analyst Predicts Apex Crypto Could Cross $28K Mark In 'Impulsive' Move

Major cryptocurrencies traded slightly in the green on Thursday evening as investors focused on the upcoming monetary policy decision by the Federal Reserve next week.

What Happened: Bitcoin continued to hold strong despite facing numerous obstacles, including recent SEC lawsuits against Binance and Coinbase, inflation concerns, and central bank hawkishness. 

Despite the SEC filing its suit against Coinbase and calling for a temporary restraining order on assets linked to Binance.US, Bitcoin has remained relatively flat since Tuesday. 

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At the time of writing, the global crypto market capitalization stood at $1.11 trillion, an increase of 0.38% over the last day. 

Thursday saw a promising upward swing in the stock market, as the S&P 500 rose by 0.62% to reach the highest closing level of 2023. Meanwhile, the Nasdaq Composite climbed by 1.02%.

This positive trend was supported by anticipation for next week’s crucial inflation data, as well as the Federal Reserve’s upcoming policy announcement, both of which are expected to provide further guidance for investors.

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Analyst Notes: "Crazy FUD in the markets again.  Although it's good to have a lower market share for Binance, they also experienced a massive outflow earlier this year and nothing happened. The SEC cases will be interesting, but FUD is unwarranted & everyone should become decentralized" said Michaël van de Poppe.

According to the pseudonymous analyst Bluntz, Bitcoin may be on the brink of a significant breakout. Bluntz has set a target for Bitcoin to reach a price point of $28,800 or above.

"BTC now back into the range once again after taking out the upside and now downside, will be looking to buy pullbacks after the daily close targeting $28,800. Was expecting more of a slow grind up but this move started to look impulsive to the upside again."

Santiment, an on-chain analytics firm, reported that the surge in market volatility has significantly boosted Bitcoin’s level of utility. In fact, the number of unique addresses interacting on the BTC network has exceeded 1 million in each of the last two days, marking the first time since April 21.

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