As a seasoned cryptocurrency trader with over a decade of experience in the market, I’ve seen trends come and go, but the current trajectory of Toncoin (TON) is particularly intriguing. Despite a brief recovery over the weekend, TON has been on a downward spiral, failing to sustain itself above the crucial $6 level. This bearish trend might have some traders feeling as if they’re stuck in quicksand, but I always remind myself that even the deepest pits lead to new opportunities for growth.
Bitcoin (BTC) has managed to hold its ground around $62,000, halting a potential fall. This has been crucial in maintaining stability for the world’s leading cryptocurrency which has seen a 2% drop over the last day due to high volatility. The recent week saw Bitcoin reaching over $65,000 and dipping down to $59,800. Traders are keeping an eye on the upcoming US Consumer Price Data. A positive report could potentially boost its price.
Regardless of its fluctuations, a recent NYDIG report indicates that Bitcoin stands as this year’s top-performing asset, boasting a 49.2% increase so far. Currently, Bitcoin is hovering near the $62,500 price point. The total crypto market capitalization has also seen a dip, currently valued at approximately $2.18 trillion, representing a decrease of 1.34%.
Bitcoin (BTC) Traders Brace For CPI Data
Bitcoin (BTC) traders are preparing themselves for the upcoming US Consumer Price Data release this week, as they anticipate that favorable figures might spark a significant price surge. Market observers are optimistic that a strong report could serve as a trigger for such an increase. As per investors, the “Uptober” concept has been instrumental in strengthening BTC’s support levels around $60,000 and $62,000, with traders searching for additional evidence suggesting that inflation is subsiding. In accordance with QCP Capital’s analysis, Uptober appears to be on the mend for Bitcoin and the broader crypto markets.
Following a rocky beginning, October appears to have regained its momentum. Currently, the price of Bitcoin is roughly equal to where it was at the beginning of last Monday.
As a researcher, I’ve observed that analysts are projecting a minimal increase of 0.1% in the Consumer Price Index (CPI) for September. This is the smallest rise in three months. On an annual basis, it’s anticipated that the CPI will see a jump of 2.3%. This would mark the sixth consecutive slowdown and its lowest rate since 2021.
As an analyst, I find myself keenly focused on the upcoming US Consumer Price Index (CPI) release. Given the robustness we’ve seen in recent US wage and employment figures, there’s a heightened sense of anticipation about this data point. We’ll be closely scrutinizing it for any hints that inflation might be on the rise.
An increase in Consumer Price Index (CPI) figures might cause interest rates to rise, potentially straining Bitcoin and other similar assets. Conversely, a decrease in CPI could enable the Federal Reserve to implement additional rate reductions, which could favor riskier investments. As reported by intergovernmental blockchain expert Anndy Lian,…
As a researcher studying the dynamics of Bitcoin, I’ve noticed an interesting pattern: Bitcoin tends to exhibit volatility following the release of Consumer Price Index (CPI) data. Interestingly, when CPI data shows positive results, indicating a robust economic climate, Bitcoin prices often surge upward.
Hong Kong Plans To License More Crypto Exchanges
By the end of this year, Hong Kong’s financial authority, the Securities Futures Commission (SFC), anticipates approving more crypto exchanges and digital asset firms. As shared by SFC CEO Julia Leung, the regulator aims to advance in granting licenses to 11 Virtual Asset Trading Platforms (VATPs). She also mentioned that these licenses would be issued in groups to facilitate a smoother process for bringing exchanges into compliance. Currently, 16 companies are waiting for a decision on their VATP application, with 11 of them already functioning under a “deemed-to-be licensed” status.
Leung added that the SFC had completed the first round of on-site reviews for the firms in question, stating that all VATPs compliant with its licensing models can expect to have their applications approved.
FTX Bankruptcy Plan Receives Court Approval
On Monday, the court granted approval to FTX’s bankruptcy plan, allowing them to fully reimburse their customers using assets worth up to $16.5 billion that have been recovered since their collapse. This decision was made during a hearing in Delaware by US Bankruptcy Judge John Dorsey, who commended FTX for setting an example as a model case for handling intricate Chapter 11 bankruptcy proceedings due to its success. The approved plan is structured on a sequence of agreements with FTX customers, creditors, U.S. government agencies, and liquidators.
In the terms of the agreement, FTX is authorized to utilize its resources to reimburse its cryptocurrency exchange users first. Subsequently, it may address competing claims brought forth by regulatory bodies. FTX intends to compensate 98% of its customers who had balances under $50,000 on the platform.
JPMorgan Predicts Bullish Q4 For BTC
According to analysts at JPMorgan, Bitcoin (BTC) and the broader crypto market are looking promising as October advances, with Bitcoin displaying robust uptrends. In their recent report, they pointed out that October has typically been a favorable month for Bitcoin, with it generating positive returns around 70% of the time. They speculate that this pattern could repeat itself in 2021.
Though past performance doesn’t guarantee future results, there’s reason to believe that the widespread adoption of ‘Uptober’ could impact behavior and potentially lead to a favorable October for Bitcoin.
On the other hand, they emphasized that the anticipated optimistic outlook hasn’t shown up just yet, suggesting that the trends might persist in going downwards.
So far, the anticipated surge in cryptocurrency prices following the Fed’s rate cut on September 18 hasn’t materialized. Cryptocurrencies have only been a significant part of the financial landscape since the early to mid-2010s, and for most of their existence, interest rates were nearly zero. It’s plausible that consistent, stable rates, rather than just low ones, could bring the most advantage to these markets.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) dipped nearly 2% on Tuesday following its unsuccessful attempt to breach the $65,000 threshold Monday evening. However, a floor was established at $62,000, preventing any further slump. Interestingly, Bitcoin ETFs saw inflows totaling $235 million, but BTC still decreased in value. Data from CoinGlass indicates that institutional investment in Bitcoin may be waning, as indicated by the spot ETF figures. The latest Nonfarm Payrolls report revealed an increase of 254,000 nonfarm jobs in September, outpacing market forecasts. Moreover, the unemployment rate decreased, moving from 4.2% to 4.1%. Notably, Bitcoin has historically seen positive returns during October, averaging approximately 21%.
Looking at the Bitcoin price trend, it’s clear that BTC has bounced back following intense bearish pressure in the preceding week. This period saw a steep drop, dipping below key moving averages like the 200-day and 20-day Simple Moving Averages (SMA), as well as crucial support levels. On Wednesday, BTC hit a low of $60,029 after an unsuccessful effort to surpass the 20-day SMA, peaking at $62,456 for the day. The price dipped below $60,000 on Thursday but managed to recover due to strong support, rebounding above this level and ending the day at $60,802. Markets remained robust on Friday, leading to a 2.14% increase in BTC’s value, taking it to $62,214. After a minor decrease on Saturday, Bitcoin was back in growth mode on Sunday, rising by 1.19% and settling at $62,813.
This week started off with Bitcoin (BTC) surpassing its 20-day and 200-day Simple Moving Averages (SMAs) and challenging the $65,000 resistance level. The price peaked at $64,481 during the day, but the upward momentum was halted by intense selling activity at higher levels. Consequently, sellers managed to pull Bitcoin back below both the 20-day and 200-day SMAs, causing it to fall about 0.89% to $62,253. Currently, in this session, Bitcoin is showing a slight increase as both buyers and sellers are vying for control.
Looking at the Bitcoin price graph, it appears that the cryptocurrency encounters significant resistance around the $65,000 mark. At the same time, it has some support levels at $60,000 and $62,000. If investors successfully propel BTC beyond its 20-day and 200-day simple moving averages and $65,000, we might witness a surge towards $70,000. Conversely, if sellers regain control, the price could slide back down to $60,000.
Ethereum (ETH) Price Analysis
On Monday, Ethereum (ETH) retreated following an unsuccessful attempt to surpass $2,500, with the resistance level proving strong. Consequently, ETH is currently in a period of consolidation, trading within a broad range encompassing the $2,200 support and the $2,700 resistance. On September 27, ETH failed to break through the $2,700 mark, leading to increased bearish sentiment due to growing selling pressure. The following week saw a significant downward trend as ETH fell below both its 20-day and 50-day moving averages, along with other key support levels. By Wednesday, ETH had dipped below $2,400, representing a decrease of 3.40% to close at $2,365. On Thursday, ETH witnessed high volatility as buyers sought recovery while sellers aimed to push the price below $2,300. Ultimately, sellers prevailed, causing ETH to drop by 0.64% to $2,350. However, buyers managed to keep ETH above the $2,300 level.
On Friday, ETH made a comeback with nearly a 3% growth, moving past $2,400 to reach $2,415 before slightly dipping on Saturday. The weekend saw buyers regaining control, pushing ETH up by more than 1%, reaching $2,440 at the end of the previous week. This week started with ETH trying to break through $2,500 and peaking at $2,520. However, selling pressure took over after this level due to strong resistance, causing sellers to take control and push ETH back below $2,500 and the 20 and 50-day Simple Moving Averages (SMAs). As a result, ETH dropped by approximately 0.71% on Monday, settling at $2,423. Currently, buyers are trying to challenge the resistance at $2,500 again.
If Ethereum (ETH) surpasses $2,500, it might suggest that the bears are losing control, potentially allowing ETH to advance towards $2,600 and even $2,700. Conversely, traders may attempt to push ETH downwards below $2,400. If this level is broken, Ethereum could slide to around $2,300 before recovering again.
Solana (SOL) Price Analysis
Currently, Solana (SOL) is finding it tough to regain its footing and surpass the $150 mark, with buyers seemingly unable to counter the selling pressure pushing the price towards the $140 support zone. Over the past 24 hours, SOL has experienced a dip of approximately 4%, maintaining its negative trend as sellers hold sway. The bearish sentiment started over the weekend when SOL failed to break above $160 despite reaching a high of $161. Since then, SOL has witnessed a significant fall, dipping below crucial resistance levels. By Thursday, the price had dropped to an intraday low of $133 as sellers aggressively targeted a move under the $130 mark.
On Friday, SOL experienced a recovery, gaining 4.62% and surpassing both the 50-day moving average (SMA) and $140, closing at $143. It saw a minor dip on Saturday, decreasing by 0.39%, but bounced back on Sunday with a 2.73% rise, reaching $146. The previous week ended positively for SOL. However, it failed to break above the 20-day SMA during this time. The new week started with SOL making an effort to surpass $150. It reached a high of $152, going over the 20-day SMA. Yet, the 200-day SMA served as a significant resistance level, causing buyers to lose momentum, and SOL dropped back below the 20-day SMA, ending at $143 after a nearly 2% decline. Currently, the session finds SOL in the red as sellers aim to push the price under $140.
Users are expected to make efforts to maintain Solana (SOL) price above $140. If it falls below this point, there’s a possibility that SOL could decrease to around $130. Conversely, if buyers regain control, they will try to boost Solana back towards the $150 mark.
Bittensor (TAO) Price Analysis
Following a 4.16% drop that took Bittensor (TAO) down to $472 on Thursday, the token has seen a significant rebound. After hitting its support level, TAO surged by nearly 18% on Friday, pushing past $500 and $550 before settling at $586. On Saturday, TAO tried to break through the $600 mark but was unsuccessful. Instead, sellers took control, causing a decrease of 3.23%, bringing the price down to $567. However, on Sunday, TAO made a strong comeback, surpassing $600 once more after an approximately 12% increase pushed it up to $634.
On Monday, there was an effort among buyers to drive the price of TAO towards $700, reaching a peak of $678. Yet, significant selling activity at higher prices caused TAA to drop by nearly 4%, ending the day at $609. Importantly, though, TAO managed to stay above the $600 mark. In the present trading session, TAO has risen more than 2% as buyers aim to sustain the position above $600 and make another effort to surpass $700.
Toncoin (TON) Price Analysis
This week, Toncoin (TON) has maintained its downward trend, even though it experienced a slight rebound during the weekend. The bearish trend began when TON was unable to sustain its position above the significant $6 mark, despite peaking at $6.14 on September 27th. Following this failure, TON moved into a bearish phase and plummeted below both the 20-day Simple Moving Average (SMA) and the 50-day SMA on Tuesday. This decline resulted in a drop of over 6% to $5.36. On Wednesday, there was a further decrease of 1.06%, with TON falling to $5.30. The selling pressure drove TON to a daily low of $5.14 on Thursday, but it managed to recover from this level and closed the day with an increase of 0.49%, reaching $5.33.
On Friday, TON experienced a steady climb, gaining 1.51% to reach $5.41. Buyers entered the market, but TON failed to surpass $5.50. The weekend was marked by fluctuations for TON; it plummeted nearly 4% on Saturday, then rose 1.43% on Sunday, ending at $5.30. However, Monday saw a further drop of 1.52%, bringing the price down to $5.22. As of now, TON is down by 1.29% in the current session, with sellers aiming to drive the price below $5.
Uniswap (UNI) Price Analysis
On Thursday, Uniswap (UNI) dipped to a daily low of $6.40, falling below its 50-day Simple Moving Average (SMA) and the $6.50 support level. However, UNI managed to bounce back on Friday, gaining 2.57% to surpass the 50-day SMA again and close at $6.71. The bullish trend continued over the weekend with UNI increasing by 1.50% on Saturday and nearly 4% on Sunday, moving above its 20-day SMA and settling at $7.06.
This week’s opening found UNI attempting to surpass $7.50. It peaked at $7.46 before slowing down, eventually closing at $7.24 following a rise of approximately 2.52%. In the present trading session, UNI has slipped by more than 2% as buyers attempt to push the price back above $7 and the 20-day Simple Moving Average.
Internet Computer (ICP) Price Analysis
On September 27, Internet Computer (ICP) attempted to break through the $10 mark but failed, leading to a significant drop since then. This decline brought the price below crucial support levels and the 20 and 50-day moving averages. By Wednesday, ICP had dropped by nearly 4% to reach $8. The coin experienced intense volatility on Thursday, hitting a low of $7.70 during the day. However, it managed to bounce back from this level and showed a slight increase, closing the day in the positive. Bullish sentiments grew stronger on Friday as ICP rose by 4.11%, moving above the 50-day moving average and ending the day at $8.36.
Initially, ICP dipped significantly on Saturday, losing nearly 2% to reach $8.20. Significantly, though, ICP stayed above the $8 mark. It bounced back on Sunday, climbing above its 50-day Simple Moving Average (SMA), resulting in a surge of almost 4% that took it to $8.51. On Monday, buyers made an effort to surpass the 20-day SMA, pushing ICP up to $8.65. However, momentum waned as sellers outnumbered buyers, causing ICP to slip below its 50-day SMA again, this time to $8.04 after a drop of 5.52%. Currently, in the ongoing session, sellers aim to drive the price beneath $8, while buyers strive to raise it above the 50-day SMA.
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2024-10-08 13:09