Major coins were seen trading lower Sunday evening as the global cryptocurrency market cap fell 0.9% to $923.7 billion at 8.05 p.m. EDT.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -0.7% | -3.2% | $18,802.10 |
| Ethereum ETH/USD | -1.8% | -3.1% | $1,294.22 |
| Dogecoin DOGE/USD | -3.35% | -6.2% | $0.06 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| ApeCoin (APE) | +5.3% | $5.72 |
| Maker (MKR) | +4.4% | $709.47 |
| Chainlink (LINK) | +3% | $7.87 |
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Why It Matters: Bitcoin and Ethereum followed other risk assets lower at the time of writing. U.S. equity futures were largely unchanged on Sunday evening.
The upcoming week will see a number of officials from the U.S. Federal Reserve including Chair Jerome Powell and Vice Chair Lael Brainard make comments at various events.
Investors will look forward to personal consumption expenditures (PCE) data — a metric preferred by the U.S. central bank on Friday.
Friday’s weakness did not lead to the apex coin touching the June lows of $17,708.62 and Bitcoin prevailed higher than that level over the weekend.
“The key technical levels haven't changed though, with bitcoin seeing plenty of support around $18,000-18,500 and the big test not far below around $17,500 - the low from earlier in the summer,” said Craig Erlam, a Senior Market Analyst at OANDA, in a note seen by Benzinga.
Alternative.me’s “Crypto Fear & Greed Index” indicates that investor sentiment remains unchanged from last week. At the time of writing the index was at “Extreme Fear.”
Michaël van de Poppe said that Bitcoin was in a “narrow range” and he expects “volatility is going to kick in during the next week.”
The cryptocurrency trader said on Twitter that the apex coin is likely to see a breakout and a test of the $19,500 level. The volatility thesis was based on currencies, energy and commodity markets. The analyst also pointed to the upcoming Euro consumer price index and U.S. PCE data.
#Bitcoin on a narrow range here, which means that volatility is going to kick in during the next week.
— Michaël van de Poppe (@CryptoMichNL) September 25, 2022
Why?
- We've got a ton of volatility across markets as things are breaking (currencies / energy / commodities).
- Euro CPI
- US PCE
Test of $19.5K -> breakout likely. pic.twitter.com/7qZUjHihUi
CryptoQuant analyst Jan Wüstenfeld said in a note that Bitcoin is” holding up relatively well” over the current correction compared with months before compared to the Nasdaq.
“Markets are not in a good place currently, and if you were to ask me, it is more likely than not that the bitcoin bottom is not in yet,” said Wüstenfeld.
#Bitcoin price holding up relatively well over present correction compared to the months before
— CryptoQuant.com (@cryptoquant_com) September 25, 2022
"Markets are not in a good place currently, and it is more likely than not that the bitcoin bottom is not in yet."
by @JanWues
Read Morehttps://t.co/YsNx57AkuM
Market intelligence platform Santiment tweeted that while a bulk of crypto assets were seeing a “major negativity” from the trading community, it could be worthwhile to keep an eye out for Bitcoin, BNB, Dogecoin and Chainlink.
“These top caps are showing particularly high levels of [FUD] that can lead to eventual breakouts.”
The majority of #crypto assets are seeing major negativity from the trading community right now. But keep your eye on $BTC, $BNB, $DOGE, and $LINK. These top caps are showing particularly high levels of #FUD that can lead to eventual breakouts. https://t.co/cSUnSfn88e pic.twitter.com/MyoOavHllw
— Santiment (@santimentfeed) September 23, 2022
Read Next: Ethereum Liquidations Hit $759M Since The Merge. What Lies Ahead?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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