Global liquidity injections and low interest rates could drive Bitcoin to new highs, but inflation and economic instability pose significant risks.
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Bitcoin lost momentum as weak macroeconomic data, fear of a stock market correction, and worries over the upcoming US elections impacted investor sentiment.
Bitcoin (BTC) price surged by 8.2% over the seven days leading up to Sept. 25, rising from $59,886 to $64,816. However, the $64,500 resistance level proved more challenging than expected. This same level was last tested a month prior, on Aug. 25. Weak macroeconomic data contributed to a decreased risk appetite among investors, but other factors also played a role in sparking a Bitcoin price correction on Sept. 25.
According to Yahoo Finance, the median new home sales price in the United States fell 4.6% year-over-year in August, following the fastest price increases since early 2022. Home prices have now declined for seven consecutive months, marking the longest stretch of declines since 2009. Notably, housing inventory remains near record highs, with 467,000 completed homes currently available for sale.
US new home sales, thousands. Source: Continuum Economics
Bitcoin continues to face selling near $65,000, but the intensity seems to be reducing, paving the way for an upside breakout.
Bitcoin (BTC) faces rejection near $65,000 again, making it an essential overhead resistance to cross. A positive sign for the bulls is that Bitcoin’s classic Puell Multiple metric has hit the “green” zone for the first time since the end of 2022.
“Historically, when the green zone was reached, it was followed by an upward price movement,” said CryptoQuant contributor Darkfost in a blog post.
Analyst Rekt Capital highlighted another historical pattern favoring the bulls. He said that Bitcoin breaks out from its reaccumulation range between 154 and 161 days after halving. The analyst added that the most recent Bitcoin halving occurred on April 20, 157 days ago, which puts it within striking distance of a breakout.
Ethereum price showed strength in September, but data suggests holding above $2,600 will be a challenge.
Ether (ETH) is trying to maintain its position above the $2,600 resistance level following a 15.1% gain between Sept. 18 and Sept. 23. Recent macroeconomic data indicating a weakening economy has fueled a rally in the stock market, increasing demand for short-term government bonds. In this context, traders are betting that the upcoming $2.78 billion monthly Ether options expiry on Sept. 27 could solidify the current bullish momentum.
The surge in Ether’s price has been primarily driven by a cut in US Federal Reserve interest rates, signaling a shift toward a more accommodative monetary policy. As a result, the S&P 500 index hit an all-time high on Sept. 24. Further bolstering this outlook, a drop in the S&P Global Manufacturing PMI on Sept. 23 heightened investor concerns about the health of the economy.
Ether/USD (blue) vs. US 2-year Treasury yield (magenta). Source: TradingView
Solana's potential rise to 50% of Ethereum's market value could significantly alter the competitive dynamics within the cryptocurrency market.
The post Solana could hit 50% of Ethereum’s market value, predicts VanEck appeared first on Crypto Briefing.
CELO's surge highlights the growing influence of endorsements in crypto markets and underscores the potential for increased global financial inclusion.
The post CELO jumps 25% after project gains endorsement from Vitalik Buterin appeared first on Crypto Briefing.
JPMorgan CEO Jamie Dimon has issued a serious warning about escalating geopolitical risks, stating that they pose greater threats to global stability than current economic challenges. His remarks come in light of rising tensions, including attacks on oil tankers and the ongoing Ukraine-Russia war. Dimon cautioned against over-optimism about the U.S. economy, advising a more […]
Will this week’s $8.1 billion Bitcoin options expiry fuel a rally to $70,000 or should traders anticipate a correction?
Bitcoin (BTC) is about to experience its second-largest monthly options expiry of 2024, totaling $8.1 billion in aggregate exposure. The question is: will this be enough to fuel a robust rally toward $70,000, or are the bearish incentives too strong to ignore?
The current Macroeconomic environment favors risk-on assets, including Bitcoin and the Sept. 27 options expiry will be a pivotal event. The neutral-to-bullish options holders are well-positioned to capitalize if Bitcoin stays above $63,000. However, bears have enough motivation to curb this advantage by pushing Bitcoin’s price below $60,000. Thus, analyzing the options market's positioning and the potential net impact of the monthly expiry is crucial.
On Sept. 24, the Chinese stock market surged following the People's Bank of China’s (PBOC) announcement of plans to lower borrowing costs and inject liquidity into the economy, including reduced mortgage repayment programs. Additionally, the PBOC pledged $113.8 billion to support the stock market, including measures for share purchases and buybacks. Lynn Song, chief economist for Greater China at ING, commented, “There is still room for further easing in the months ahead,” according to Yahoo Finance.
Gold reaches a record high of $2648 as Bitcoin surges 7% in September, reflecting investor concerns amid economic uncertainty.
The post Gold breaks all-time high as Bitcoin surges 7% in September in face of economic decline appeared first on Crypto Briefing.
SOL recently rallied to $152 but will a decline in Solana’s network TVL negatively impact the altcoin’s price?
Solana (SOL), the native token of the Solana network, surged 16.4% between Sept. 18 and Sept. 20, but the $152 resistance level proved more formidable than expected, leading to a 6% pullback to its current level of $143.
Investors are now questioning the cause of SOL's price weakness and whether the recent outflows from Solana network deposits signal a potential retest of the $120 support.
The recent gains in SOL price followed a broader altcoin market rally, which saw an 11% increase since Sept. 18, spurred by the US Federal Reserve's decision to cut interest rates. This shift toward a more accommodative monetary policy also fueled a rally in the S&P 500 stock index, which reached an all-time high on Sept. 19.
