Major cryptocurrencies are off to a muted start this week

Major cryptocurrencies are off to a muted start this week as traders brace for the FOMC meeting and key macroeconomic data that could shape the market's next move.

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)

The post Major Cryptocurrencies Trade Mixed As Traders Await Key Macro Data appeared first on Benzinga.