• Litecoin [LTC] saw a bullish market structure, breaking out above $100 after bouncing from the $95 support level.
• The Federal Reserve Chair Jerome Powell said 2023 could see a decline in inflation, although it could be a process that takes „quite a bit of time.“
• The rise in Open Interest and positive funding rate showed capital entering the market and bullish intent for LTC.

Litecoin [LTC] Bullish Market Structure

Litecoin [LTC] saw a bullish market structure, bouncing from the $95 region of support over the past few days and looking set to break out above $107. On the four-hour chart, Litecoin closed an H4 session above $100 but faced some short-term resistance at $102.5. The reaction at $95 and attempts to push above $100 meant bulls had the upper hand. Above $106, $115 and $132 may pose stiff resistance to LTC bulls.

Federal Reserve on Inflation

The Federal Reserve Chair Jerome Powell said 2023 could see a decline in inflation, although it could be a process that takes „quite a bit of time.“ It remains to be seen whether the market views risk-on assets more favorably in the next couple of weeks.

Market Reaction on 7 February

The market reaction on 7 February suggested that crypto assets could see more gains in the coming days as Bitcoin [BTC] saw a small move upward from