Major cryptocurrencies are off to a muted start this week

Major cryptocurrencies are trading in the red on Monday morning. Key macroeconomic data and the upcoming FOMC meeting could shape the market's next move.

Notable Statistics:

* Bitcoin has risen by 76.4% in 2023.

* Ethereum has advanced by 46.4% this year.

* The total cryptocurrency market cap stands at $1.141 trillion.

Notable Developments:

* Crypto trader Kaleo remains bullish, viewing recent Bitcoin dips as "gifts" and maintaining his "resume up only" stance.

* Stockmoney Lizards offered a cautionary perspective, predicting that many will correctly anticipate Bitcoin reaching $150,000 this cycle but could still incur losses due to excessive trading.

anticipates a potential retracement to $89,000, corresponding to the 61.8% Fibonacci retracement, and advises traders to remain calm, trust the market structure, and avoid overreacting.

* Crypto Bully shared that he closed out some gains and opened hedges ahead of the current pullback.

* He remains unconcerned unless BTC falls below $88,000, which aligns with the VWAP since the lows, a significant Fib level, and a high-volume node.

* He anticipates a period of consolidation or a slow upward move in the run-up to the FOMC meeting.

* Meanwhile, Roman noted last week's failure to close above resistance as a point of concern.

* The current move appears to be a bearish retest, and both daily and weekly timeframes show low volume, indicating a lack of conviction in the uptrend.

* Without stronger buying pressure, Roman expects more downside in the near term.

Top Gainers (24 Hour)

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