From Bear Trap to $88K: Analyst Reveals Why Bitcoin's Rally Isn't Over
After several weeks of rejection and a bear trap, Bitcoin reclaimed MA50 Weekly.
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After several weeks of rejection and a bear trap, Bitcoin reclaimed MA50 Weekly.
Bitcoin's price rallied past $86,000, achieving a 6% daily gain and pushing its market capitalization to $1.72 trillion. The move brought the asset near its Jan. 1 opening price of $87,575, narrowing year-to-date losses to under 2%. Two Waves of Price Action Lead to $1.
Despite internal market weakness, I expect the current stock rally to continue into November barring a major event. Traders are buying an unusual amount of 2X short ProShares funds, which usually occurs right before stocks move higher.
Ethereum rises back above $2,700 with two big buyers leading the way. In five days, two whales have engaged about $106.4 million in ETH.
Bitcoin's rally toward $86,000 has pushed US spot exchange-traded fund (ETF) investors back into profit after months underwater. Data from CryptoSlate showed Bitcoin gained about 6% over the past 24 hours, extending its September rebound and briefly trading near $86,000.
Scott called this bear market bottom. The weekly chart just confirmed it.
Softer ECB rate expectations weaken the Euro-Dollar's support, even as Scotiabank sees signs that bearish momentum is fading. Foreign exchange analysts at Scotiabank see the Euro to US Dollar exchange rate (EUR/USD) settling into consolidation after last week's sell-off, with the recovery constrained by weaker interest-rate.
Pound Sterling Price News and Forecast: GBP/USD loses grip on 1.34 as Fed hawks stay in charge
Falling Treasury yields did not put pressure on the American currency today.
US retail diesel set a record of $6.31 on September 16 and matched it on Friday, up 68 percent from a year ago and from about $3.76 before the war. Crude is up about 52 percent over the same period.
XRP's bull flag breakout and rising trading volumes put $1.80 and a potential mid-term target of $2.10 in focus.
The company is on track to reach its goal of owning 5% of ETH's supply.
The CVDD Signal and the deeply oversold long-term RSI suggested the DOGE market bottom was in.
Technical analyst Peter Brandt has published a weekly Solana (SOL/USD) chart, pointing to the final stage of compression in a rare macrostructure known as the "Cup and Handle" pattern.
Market analyst CryptoGoos is urging traders to consider buying Bitcoin about 500 days before its next halving, currently anticipated in April 2028.