- The Dollar Index has been on a steep rise since mid-July.
- If the DXY surpasses 105.8, it could trigger accelerated sell-offs in risk markets.
- Experts are concerned about the continuation of declines due to technical readings on the weekly chart.
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The current state of the cryptocurrency market, particularly Bitcoin
When Will Bitcoin Rise?
Although the direction of the cryptocurrency markets is largely determined by the overall performance of risk markets, Bitcoin has always been full of surprises. The bear markets that have been ongoing for about two years have triggered excessive sell-offs. Many cryptocurrencies have seen their lowest prices ever during this period. Apart from surprise and temporary intermediate rises, Bitcoin, which has been dominated by sellers for a long time, has significantly undermined risk appetite. This is clearly seen from the cumulative volume in cryptocurrencies weakening to the level of $14 billion over the weekend.
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The data to be released this week is extremely important for the reversal of the ongoing decline trend. The status of unemployment, wages, and other data will help determine whether cryptocurrencies will fall further this week. Moreover, we will see the September interest rate decision at the Fed meeting in 23 days and 6 hours. Experts are looking at an increase in November, even if there is no increase in September.
Expert Crypto Commentary
Popular cryptocurrency investor Alex Kuptsikevich mentioned in his latest note that he expects further declines, referring to the company’s price chart data. Kuptsikevich said, “The technical chart for Bitcoin continues the decline trend in weekly time frames as the price is below the 200-week average and outside the rising channel. In the short term, the most likely scenario seems to be a decline to the $23,900 to $24,600 region.”
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Due to this technical reading, most professional investors have been maintaining the decline trend for weeks. Qualified investors in futures and options markets are taking positions with the expectation of further decline.
Given the current state of the cryptocurrency market, particularly Bitcoin, experts are predicting further declines. This is largely due to technical readings on the weekly chart and the overall performance of risk markets. However, Bitcoin has always been full of surprises, and only time will tell when the market will rebound.