Bitcoin has not yet reached resistance
The crypto market gained around 3% last week, taking its capitalisation to $1.06 trillion - the highest since late August. The market dip at the start of the previous week has fuelled buyers' appetite.
But we are also seeing interest in crypto, in contrast to the sell-off in tech giants. We saw something similar in the spring as capital fled regional banks in the US. Isn’t it a sign that something is brewing in the banking sector again?
Trading at 26.5K, Bitcoin has recovered to 76.4% of the decline from the July peak to the September trough. Recent optimism shows that we could see a classical correction to 61.8%, near 27.5K. The 200-day moving average and the late August peak area are concentrated near that level. So, the battle for the trend, which has now eased slightly, is set to intensify.
But we are also seeing interest in crypto, in contrast to the sell-off in tech giants. We saw something similar in the spring as capital fled regional banks in the US. Isn’t it a sign that something is brewing in the banking sector again?
Trading at 26.5K, Bitcoin has recovered to 76.4% of the decline from the July peak to the September trough. Recent optimism shows that we could see a classical correction to 61.8%, near 27.5K. The 200-day moving average and the late August peak area are concentrated near that level. So, the battle for the trend, which has now eased slightly, is set to intensify.
Alexander Kuptsikevich,
Chief Market Analyst at FxPro
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Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
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Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
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