Synopsis
Major cryptocurrencies traded mixed on Thursday as investors anticipated speeches from Federal Reserve officials, including Chair Jerome Powell, which may shed light on the U.S. interest rate outlook. The core personal consumption expenditures (PCE) price index, the Fed’s preferred inflation measure, is also scheduled for release on Friday.
Major cryptocurrencies traded mixed on Thursday, ahead of speeches from Federal Reserve policymakers, including Chair Jerome Powell, which may offer insights into the U.S. interest rate outlook.
The release of the core personal consumption expenditures (PCE) price index – the Fed’s preferred measure of inflation – is also due on Friday.
Markets are now pricing in a roughly 62% chance of a 50bp cut at the Fed’s November policy meeting and see a total of 77bps worth of cuts by the year-end.
Crypto Tracker
TOP COIN SETSAI Tracker21.39% BuyWeb3 Tracker11.07% BuyDeFi Tracker10.13% BuySmart Contract Tracker7.20% BuyCrypto Blue Chip – 53.35% BuyTOP COINS (₹) Solana12,703 (1.37%)BuyEthereum220,085 (0.37%)BuyBitcoin5,343,673 (0.15%)BuyBNB49,901 (0.13%)BuyTether84 (0.1%)BuyAs of 11:59 AM IST, Bitcoin was trading 0.46% lower at ₹63,649, while Ethereum dipped 0.1% to ₹2,615. Other cryptocurrencies, including BNB, XRP, and Chainlink, also experienced declines, whereas Solana, Dogecoin, Toncoin, Cardano, Tron, Avalanche, and Shiba Inu saw gains.
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View Details »“Bitcoin (BTC) is retreating after facing stronger-than-expected resistance at the $65,000 level. This pullback can be attributed to several factors, including weak macroeconomic data, concerns over a potential stock market correction, and uncertainty surrounding the impact of the upcoming U.S. presidential election on the crypto market. The approaching monthly and quarterly options expiry on September 27 has also contributed to increased price volatility,” noted the CoinSwitch Markets Desk.
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“Meanwhile, Ether (ETH) is attempting to maintain its position above the $2,600 resistance level but has struggled to reclaim $3,000. Increased Ether issuance has affected price action, with Ultrasound Money data indicating an additional 58,856.4 ETH added to the supply over the past 30 days, representing a 0.6% annualized inflation rate. This, coupled with rising competition from lower-cost platforms like Solana and BNB Chain, has raised concerns about Ether’s upside potential,” CoinSwitch added.
Over the past 24 hours, Bitcoin’s market capitalization fell to $1.259 trillion, with its dominance at 56.17%. BTC trading volume fell by 16.3% to $24.7 billion, while stablecoins accounted for $59.32 billion of this volume, or 91.39%, according to .
Tech view by ZebPay Trade Desk
Bitcoin is again encountering resistance around the $65,000 level, establishing it as a crucial barrier for the bulls to overcome. A positive indicator for the market is the recent shift in Bitcoin’s Puell Multiple , which has entered the “green” zone for the first time since late 2022. Despite facing resistance at $65,000 over the last two days, the bulls have held their ground, suggesting strength in the current momentum. Additionally, demand from Bitcoin exchange-traded fund (ETF) buyers appears to be rebounding, with four consecutive days of inflows, according to data. Analysts noted in a report on September 23 that Bitcoin could see further gains if traditional financial markets, such as the S&P 500, remain bullish and ETF inflows continue to show strength.
.com
Over the past few weeks, Bitcoin has been trading sideways in a broad range from $65,000 to $55,500 with low volumes. The asset is trading in a ‘Descending Channel’ pattern on a daily time frame. Breakouts on either side of the pattern will further decide the trend for the asset. BTC has strong support at $56,000 and $52,500 whereas $66,000 will act as a strong resistance.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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