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 6 months ago in Bitcoin


A graph showing the steady price of Bitcoin in comparison to the declining equities market

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

0
0
Flag
52 Views
3135f0f4-7a61-4514-b53f-67e88ec0dc12

Related Articles


Related Questions

News Letter

Subscribe to the CryptoCat.ai newsletter to stay updated with the latest cryptocurrency news, insightful articles, market trends, and more – delivered directly to your inbox!




Twitter

Is email too old school? Well you can get your news directly on twitter just by following us

https://cryptocat.ai