Will Bitcoin’s rally sustain? DXY, SPX, GC and WTI could have the answer
BTC rallies above $21,000 as the US dollar index shows signs of cooling off, but is the wider crypto market beginning to reverse its bearish trend? Federal Reserve Chairman Jerome Powell said in a question and answer session hosted by the Cato Institute on Sept. 8 that the central bank will continue to hike rates until inflation is under control. However, these comments did not rattle the markets as much as most would have anticipated, indicating that traders might have already factored in a 75 basis point rate hike in the Fed’s next meeting on Sept. 20-21.Bitcoin has been strongly....
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With bitcoin’s price falling, how much more loss can the market sustain and is there more short-term downside?
Bitcoin’s consolidation near a key overhead resistance is a sign of strength but the technical structure of most altcoins has weakened. Bitcoin’s (BTC) dominance has risen from about 56% in early September to above 63%. This suggests that the market participants may be rotating their investments out of altcoins to buy Bitcoin. Due to this, several altcoins have either corrected or formed a range.While legacy markets are keeping a close eye on the U.S. Presidential elections, Grayscale CEO Barry Silbert believes that Bitcoin price will gain irrespective of the result because the next....
International remittance service Bitwala has released Lolabot, a crypto education tool based on artificial intelligence. It claims this is the world’s first “Siri for Bitcoin.” Lolabot ‘Hopes to Answer Every Possible Bitcoin Question’. Lolabot, named after the Bitwala office’s resident pet bulldog, uses voice recognition and “natural language processing”....
It’s clear that bears have nearly extinguished all signs of bullish momentum after BTC price falls below $52,000 and altcoins take a severe belting. Bitcoin (BTC) and Ether (ETH) have turned down from their respective overhead resistance levels, suggesting that bears continue to sell on rallies.New research in Australia suggests that the Ethereum Improvement Proposal (EIP) 1559 upgrade has turned Ether into a better store of value than Bitcoin. The report said the annual rate of increase in Ether’s supply since EIP-1559 is 0.98% compared to an increase of 1.99% in Bitcoin’s supply.Demand....
Optimism (OP) has posted notable gains today, October 2, trading at $1.45, with a 5% increase in the last 24 hours. Furthermore, its price has gained 15% in the last seven days. OP’s rise coincides with the improvement in the general crypto market, which showed a remarkable recovery. However, whether OP will sustain the ongoing rally remains to be seen. But a close look at a few technical indicators may provide vital insights into its next price moves. OP Approaches Overbought Zone As Buyers Sustain Rally OP continues to show positive price momentum as buyers dominate the market.....