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The latest trading sessions have been particularly relevant when looking at the strength of demand surrounding Bitcoin. This can be seen in recent price action, as BTC has gained more than 13% over the last five trading sessions, bringing a meaningful bullish bias back into focus in the short term.
Bitcoin put in a massive rally over the past month and even as gold has remained in pullback, BTC/USD has continued to jump to fresh multi-month highs.
A 50% surge from the yearly low has transformed Bitcoin’s technical backdrop, with bulls now targeting the next major hurdle at the yearly open.
Sr. Technical Strategist Michael Boutros highlights the levels that matter on the DXY, GBP/USD and Bitcoin charts this week.
September continues to advance and, with it, important changes have started to emerge across the cryptocurrency market in the short term. Although indecision and neutrality played an important role at the beginning of the week, the market managed to close with a renewed and accelerating bullish bias that pushed several cryptocurrencies above key resistance levels.
As September progresses, the cryptocurrency market has started to show signs of neutrality and even some weakness, largely because investors spent much of the week digesting an increasingly restrictive central bank environment. However, that dynamic began to fade into the background after several important regulatory developments gained traction and helped partially detach the market from the immediate influence of central banks.
Bitcoin is surging toward a major technical showdown, with bulls now challenging the barrier that could unlock another powerful leg higher.
Bitcoin, Ethereum and Ripple forecast: charts are testing key support levels following the August–September drawdown, the Federal Reserve’s rate hike and a potential reversal in crude oil prices.
Bitcoin has come under consistent selling pressure over the past few trading sessions. In fact, the cryptocurrency has lost more than 3.00% over the last three trading days, a move that once again highlights a short-term bearish bias across the market.
Sr. Technical Strategist Michael Boutros highlights the levels that matter on the Sterling, Swiss Franc and Bitcoin charts ahead of this week's Fed decision.
As the market approaches the middle of September, a mixed performance across cryptocurrencies has once again become increasingly evident. During the week, assets such as Litecoin and Ethereum managed to post meaningful gains, but this was not the dominant theme across the broader market.
September continues to advance and a mixed environment remains evident across the cryptocurrency market, where short-term confidence has struggled to stabilize in a consistent manner. Part of this situation is linked to the latest inflation data released in the United States, which continues to reinforce the possibility of a more aggressive central bank environment over the coming months.
Recent trading sessions have become increasingly challenging for the strength of the market's leading cryptocurrency, BTC. Bitcoin has now posted four consecutive bearish sessions, accumulating a decline of nearly 4.0% during that period. This behavior has once again brought selling pressure back into focus across the market.
