The United States equities markets and the cryptocurrency markets have started the new week on a strong footing. This suggests that investors expect the Federal Reserve's possible 75 basis point rate hike in the Sept. 20 to 21 meeting to be priced in and it also could mean that investors believe inflation has peaked.
Bitcoin’s (BTC) rally above $22,000 cleared the closely watched metric of the realized price which according to Glassnode is at $21,700. The next major barrier on the upside is the 200-week moving average near $23,330. A break and close above this resistance could indicate that the bear market may be ending.
The current bear market has not driven away institutional investors who continue to believe in the long-term prospects of the asset class. One such example was given by Irfan Ahmad, the Asia Pacific digital lead for State Street’s crypto unit State Street Digital, who said that their institutional clients continued to place strategic bets in the cryptocurrency space in June and July.
Could Bitcoin and altcoins continue their up-move in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin is attempting to form a bottom. Buyers pushed the price above the 20-day exponential moving average ($20,831) on Sept. 9 and the 50-day simple moving average ($21,944) on Sept. 12. This suggests that the bears may be losing momentum.
If buyers sustain the price above the 50-day SMA, the BTC/USDT pair could attempt a rally to the overhead resistance at $25,211. The bears are expected to defend this level with vigor. If the price turns down from this level, the pair could spend some time inside a large range between $18,626 and $25,211.
During such periods of consolidation, the weaker hands
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