“The first cryptocurrency continued its gains, breaking above the $63,000 mark. The four-hour chart below shows that the upward movement is taking place against the background of decreasing trading volumes; the RSI indicator has already entered the overbought zone. This may indicate the risks of a short-term correction. Binance BTC/USDT four-hour chart. Source: TradingView. “According to the old tradition”, the growth of the flagship invigorated the rest of the market. This is what the top 10 crypto assets look like by capitalization: Source: CoinGecko. A noticeable revival began on the eve of the last one […]”, — write: businessua.com.ua
The first cryptocurrency continued its growth, breaking the $63,000 mark.
The four-hour chart below shows that the upward movement is taking place against the background of trading volumes that decrease; the RSI indicator has already entered the overbought zone. This may indicate the risks of a short-term correction.
Binance BTC/USDT four-hour chart. Source: TradingView.
“According to the old tradition”, the growth of the flagship invigorated the rest of the market. This is what the top 10 crypto assets look like by capitalization:
Source: CoinGecko.
A noticeable recovery began ahead of the last meeting of the Federal Open Market Operations Committee (FOMC); September 18 Fed for the first time since 2020, it lowered the range of the key rate to the level of 4.75-5% per annum, which stimulated the continued growth of the first cryptocurrency.
Analyst and founder of MN Trading, Michael van de Poppe, expects the US regulator to further ease monetary policy “so that the economy moves forward.”
The FOMC meeting was massive.
50 bps rate cut.
However, the dotplot assumes that another 50-75bps of rate cuts are likely to be happening in the coming months –> bullish for #Crypto & $ETH.
The most significant thing: FOMC does not expect a massive impact on unemployment.
This…
— Michaël van de Poppe (@CryptoMichNL) September 19, 2024
Despite the confident recovery of crypto-asset prices, the index of fear and greed is still in the neutral zone. Before that, the indicator for a long time pointed to the panicked mood of a large part of investors.
Source: alternative.me.
At the time of writing, the total market capitalization is $2.28 trillion with a Bitcoin Dominance Index of 55%, according to CoinGecko.
It will be recalled that the world’s largest asset manager, BlackRock, called the first cryptocurrency a “unique diversifier.”
According to analysts, digital gold “reflects little fundamental vulnerability” to macroeconomic factors affecting most traditional financial instruments.
The source