BTC Bulls Eye A rebound to $17,000, with ETH targeting $1,200

On Tuesday, Bitcoin (BTC) gained 2.87%. Partially reversing the 3.15% decline from Monday, BTC ended the day at $16,217, notably as BTC fell below $16,000 for the second consecutive session.

A mixed start to the day saw BTC drop to a mid-morning low of $15,616. Avoiding the first major support level (S1) at $15,400, BTC rose to an early afternoon high of $16,294. BTC broke the first major resistance level (R1) at $16,218 before retreating below $16,050. However, after finding late support, BTC retested R1 before pulling back.

FTX news updates provided support for the crypto market on Tuesday. Reports that FTX has $1.24 billion in cash and market interests to acquire FTX assets and stakes in other companies have reduced the risk of contagion.

Combined with a real estate portfolio of approximately $300 million, the cash reserves and real estate portfolio will be sufficient to service the equivalent of FTX’s ten largest creditors.

However, the identity of the creditors is not clear and may not be available for some time. On Tuesday, the judge who presided over FTX’s bankruptcy agreed to redact the identities of FTX clients.

Despite the ongoing uncertainty about the value of assets and the identities of creditors, the risk of infection has receded further this morning. There was no negative news to affect investor confidence.

With market conditions normalizing for a second session, the Nasdaq Composite could offer guidance later today. US economic indicators and FOMC meeting minutes will guide the Nasdaq. Key statistics include private sector PMIs, unemployment claims, consumer confidence, and durable goods orders.

Ethereum (ETH) price movement

At the time of writing, ETH is up 2.25% at $1164, a bullish morning saw ETH rally from an early low of $1126 to $1173, and ETH breached the first major resistance level (R1) at $1162.

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