HomeAnálisis De MercadoCriptomonedaBounce, rally yet to start

Bounce, rally yet to start



Market picture

Crypto market capitalisation was up 1.6% over 24 hours to $1.066 trillion, with impressive gains on Wednesday afternoon. Following the strong rally in US tech stocks, buyers are gently picking up cryptocurrencies after the recent sell-off.

Bitcoin touched a low for the week of $25.33K – above the local June lows of $24.7K, fuelling hopes that the uptrend is still in play. Meanwhile, BTCUSD remains below its 200-week average and the lower boundary of its former bull corridor.

Technically, Bitcoin is dominated by downside risks, with the potential to fall to $23.8K, where the 50-week moving average lies. However, we see Wednesday’s rebound as short-term profit-taking on short positions amid the most oversold RSI conditions since June 2022.

News background

Bitcoin’s mining difficulty rose 6.17% to an all-time high of 55.6T. According to Glassnode, the network’s 7-day moving average hash rate peaked at 414 EH/s.

Twitter analyst Bluntz, who predicted a bear trend for Bitcoin in 2018, expects the crypto market’s total capitalisation to fall by 15% before a new rally begins. He believes this will be the last good opportunity to buy Bitcoin for the next few years.

According to the Financial Times, inflows into European crypto funds increased significantly after BlackRock launched a spot bitcoin ETF. Investments increased by €150 million in June alone.

Cryptocurrencies increase financial risks in emerging markets and are not attractive, says a new report from the Bank for International Settlements (BIS). This will become even more true as crypto assets become more widespread and their links to the traditional financial system strengthen.


Reciba noticias de Vimilin desde Google news


Please enter your comment!
Please enter your name here


BTC price shows ‘textbook’ Wyckoff moves as Bitcoin bulls defend $25K

Bitcoin (BTC) consolidated higher on Sept. 15 as analysis described recent BTC price behavior as “textbook.”Collect this article as an NFT to preserve this moment...

Magic Eden integrates Solana’s compressed NFTs into marketplace

Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana’s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning...

House Democrats back Biden candidacy as calls for president to drop out intensify on the left

FIRST ON FOX: House Democrats appear to be behind another Biden-Harris ticket, even as President Biden is being discouraged against running by some on the...

3 Standout Stocks to Buy as Worse-Than-Expected CPI Numbers Revive Inflation Fears

The August CPI report showed headline annual inflation rising 3.7% compared to the 3.2% reading seen in July and a 3.0% increase in June. As inflation...

Más popular