Bitcoin's Steady Price Action and Potential Bullish Cycle
Learn how Bitcoin has been holding steady amidst market sell-offs and the potential for a bullish cycle. Gain insights into factors contributing to Bitcoin's strong performance.
Posted 10 months ago in Bitcoin
The Federal Reserve did not raise interest rates at its meeting on Wednesday, but it did imply that rates could remain higher for a longer period. This decision may have triggered the sell-off in the equities markets: the S&P 500 is down more than 2% and the Nasdaq is down about 3% this week.
Bitcoin, on the other hand, demonstrated relative strength, holding at the same price of $26,600 as last week and outperforming over the past 30 days. On-chain analytics firm IntoTheBlock explains Bitcoin's recent outperformance relative to the equities market.
Bitcoin's correlation to the dollar has reached a value of zero, placing it in a solid position. Holders are reluctant to sell in advance in hopes of a Bitcoin ETF. Mt. Gox's payback, which was postponed by a year, reduced anticipated selling pressure. Bitcoin's dominance within the sector has been growing, with a market share surpassing 50% again. The market capitalization ratio of Bitcoin to Ethereum hit a yearly high. Hodlers have been accumulating during the weak market, with a total balance close to record highs. These factors may indicate a bullish cycle for Bitcoin.
Last updated 9/23/2023, 9:01:10 AM
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