Bitcoin $62,877 price At the time of writing, it is at $63,000 and altcoins are relatively calm. Volumes are experiencing the classic weekend decline. BTC’s continued closing above $61,700 is one of the most promising details for the coming days. So what is the latest situation in the cryptocurrency markets?
Bitcoin (BTC)
Many analysts had shared their 23-day bullish expectations after weeks of downward movement, comparing it with the previous 2 close-term similar periods. On September 7 BTC started this reversal and the price rose 18 percent, rising $9,800 during this time. Of course, we saw many important developments during this time.
The biggest development was the 50bp rate cut announced on Wednesday. The Fed has now started cutting rates and we will continue to see cuts of 25bp or more until we pause. The good news is that just as the Fed has waited for convincing data to cut rates, it will also wait for convincing data to pause rates. So one or even two months of bad inflation data may not be that big of a deal.
Although Mondays have long been bearish for cryptocurrencies, the potential for testing $65,700 and $70,000 increases due to the protection of $63,000 over the weekend. In a positive scenario, gains exceeding 20 percent may be expected in altcoins.
Latest Situation in Cryptocurrencies
Total volume across all cryptocurrency exchanges fell to $44 billion. Despite volumes falling 32 percent compared to yesterday, this did not work for sellers as it did on previous holidays. ETH It is at the $2,600 limit with a gain of nearly 8 percent, and this outlook reflects the potential for a new trial at $2,850.
In the last 7 days, the biggest gainers among the top 100 cryptocurrencies were TAO, SUI, FTM, APT and PENDLE. SUI Coin We shared analyst views that drew attention to the potential bullish setup for and it has reached this target. TAO is leading the rise with a gain of nearly 50 percent.
KCS, KAS, ICP represents a small number of altcoins that are losing ground among the top 100 cryptocurrencies. The market value of all cryptocurrencies is at $2.2 trillion support and the fear index is climbing above the neutral level at 51.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
