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 2 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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