The global stock markets are rallying as of September 12th in the background of European Central Bank and Federal Reserve rate cuts. The U.S. market experienced a total rise of 3.3%, whereas European markets saw an uptick of 3.23%. Further, according to Moneycontrol the percentage of total hike in Asian markets rounds up to 11.4%. After what one can call a ‘crash’ that global stocks saw last week, the market is currently recovering. The crypto market, like the stock market, is in a consolidation period. Bitcoin is currently priced at $58,013.55.
Yesterday at 12.20 PM EST, the cryptocurrency was trading at $56,404 and has seen an uptick of nearly 3%, indicating a market revival. Further, the 14-day RSI of Bitcoin is 47.04 meaning the market shows signs of stability and the asset is neither oversold nor overbought. Supporting the RSI indicators is MACD which indicates a potential upward trend. MACD lines are soon to be crossing over the Signal line as histograms turn bright green and taller in size, reinstating a bullish momentum forward.
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https://coinalyze.net/snapshot/RhJfGHY4
The higher the histograms rise, the prices of Bitcoin will rise further up. If the bullish sentiment can run its course, Bitcoin’s price can potentially reach the $61,000 price range this week, as last over almost a month back. With the macro uncertainties and the lack of clarity on terms of regulation in the presidential debate, the asset’s price took a toll up until yesterday.
Now, as the Bureau of Labor Statistics has reported the decrease in inflation rates from 2.9% to 2.5%, Bitcoin’s price could shoot up to $65K due to easing inflationary pressures. While the Federal Reserve has been toing and froing about interest rate cuts, the CPI report data might just help bring rate cuts further down. Lesser rate cuts could steer investors into buying more bitcoin, in hopes of higher returns. So far, Bitcoin seems to be in a safe haven. However, the course Bitcoin takes depends on something close at hand – the U.S. elections!
