Bitcoin holds near $27K, but downside risks dominate
Even the Fed's decision and comments failed to inspire crypto investors to move from their entrenched levels. The crypto market capitalisation fell a modest 0.25% on the day, significantly less than the Nasdaq's losses (-1.5%) and more a reflection of the dollar's 0.3% appreciation over the period.
In Bitcoin, the sell-off intensifies around the 50-day moving average, sticking to a downtrend. The curve is near 27.0K but has been pointing down since early August, coinciding with the start of the latest bearish momentum.
On the other hand, with a dip towards 26.8K, Bitcoin is once again being dominated by buying. This tug-of-war won't last long. Most likely, the market will decide its direction before Friday. We still believe that the chances of further declines are higher for now.
Long-term BTC holders are accumulating the coins they sold to short-term investors in the spring, which promises positive prospects for the future. This is the kind of behaviour hoarders exhibit at the beginning of bull markets, Bitfinex noted.
QCP Capital attributes bitcoin's recovery above
27K to rumours that the start of the distribution of funds to Mt. Gox customers has been delayed until 2024. Previously, the process was expected to be completed by 31 October 2023. Mt.Gox currently holds 142,000 BTC.
In Bitcoin, the sell-off intensifies around the 50-day moving average, sticking to a downtrend. The curve is near 27.0K but has been pointing down since early August, coinciding with the start of the latest bearish momentum.
On the other hand, with a dip towards 26.8K, Bitcoin is once again being dominated by buying. This tug-of-war won't last long. Most likely, the market will decide its direction before Friday. We still believe that the chances of further declines are higher for now.
Long-term BTC holders are accumulating the coins they sold to short-term investors in the spring, which promises positive prospects for the future. This is the kind of behaviour hoarders exhibit at the beginning of bull markets, Bitfinex noted.
QCP Capital attributes bitcoin's recovery above
27K to rumours that the start of the distribution of funds to Mt. Gox customers has been delayed until 2024. Previously, the process was expected to be completed by 31 October 2023. Mt.Gox currently holds 142,000 BTC.
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.
Reach out to media.comments@fxpro.com for PR and media inquiries
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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