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Home»Market»Crypto market attempts to form an uptrend
Market

Crypto market attempts to form an uptrend

October 17, 2024No Comments2 Mins Read
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The crypto market cap increased by 1.4% to $2.31 trillion. Cryptocurrencies and stocks are now out of sync (there has been some profit taking in stocks), but they maintain a general upward bias. The crypto market is forming an upward trend, which will be confirmed if local highs surpass the previous high of $2.32 trillion.

Bitcoin received a jolt on Tuesday, first jumping 4% in four hours to near $68,000, then losing more than 4.6% to $64.7,000. The market digested this influx of stop orders and quickly began to rise again, trading near $66.8k at the time of writing. It will be interesting to see the bulls and bears continue to battle over a retest of $68,000. The leading cryptocurrency was not allowed to rise in July, but the bulls now have on their side the breakdown of the descending channel and an active pullback from the 200-day moving average. At the same time, the RSI on the daily time frame is not yet in overbought territory, which leaves some room for maneuver.

Ethereum looks weak now, approaching $2,700 – the area of ​​previous highs – but it needs to break through. Perhaps a return of risk appetite in stock markets will spark new momentum allowing the second-largest cryptocurrency to reach $3,000.

News context

The funding rate for perpetual Bitcoin contracts has reached a multi-month high, indicating bullish sentiment and a growing influx of liquidity, notes The Block.

CryptoQuant notes that demand for Bitcoin has surged, growing at the fastest monthly rate since April 2024. Open interest (OI) on derivatives reached a record $19.8 billion.

Standard Chartered predicts that Bitcoin could reach an all-time high before the US elections. Donald Trump’s increased chances of victory, large inflows into spot Bitcoin ETFs, and increased activity in the BTC call options market are fueling sentiment.

MicroStrategy stock is a leading indicator of a potential upside breakout, according to Bernstein. They are up 190% year to date, while BTC is only up 55%.

The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has fined TD Bank a record $1.3 billion for facilitating money laundering using cryptocurrencies.



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