“The cryptocurrency market experiences a captivating rollercoaster ride as Bitcoin, Ethereum, and Dogecoin navigate a mixed trade landscape, while all eyes are on the Federal Reserve’s interest rate decision. With an analyst identifying a ‘gorgeous’ pattern, anticipation builds for a potential breakout in Bitcoin, signaling a bullish trend in the making.”
Major cryptocurrencies had a diverse performance on Tuesday, as investors were filled with optimism regarding the potential approval of Bitcoin exchange-traded funds (ETFs) in the United States.
In October, the cryptocurrency market witnessed a significant boost in prices, putting an end to the prevailing monotony. The leading cryptocurrency, BTC experienced its strongest monthly rally since January, as investors eagerly anticipated the approval of bitcoin ETFs in the United States.
During the first half of October, BTC remained steady around the $27,000 level. However, it surged more than 27% to reach a 17-month high of $35,000. Currently, it has settled just above $34,000 in anticipation of the Federal Reserve’s upcoming interest rate decision, with market participants largely expecting monetary policymakers to maintain the existing rates.
Bitcoin ETFs have the potential to have a significant impact on bitcoin due to their accessibility for the average investor, compared to purchasing the cryptocurrency itself or existing bitcoin investment products like the Grayscale Bitcoin Trust (GBTC), which currently manages $21 billion in assets.
The global crypto market cap currently stands at $1.27 trillion, reflecting an increase of 0.32% in the past 24 hours.
Stock futures were marginally lower on Tuesday evening as Wall Street prepared for the Federal Reserve’s upcoming policy decision on interest rates, following a turbulent month. S&P 500 futures and Nasdaq 100 futures both declined by approximately 0.2%. The market’s movements are in anticipation of the Fed’s policy announcement, with expectations leaning towards the maintenance of steady rates.
Crypto analyst Michael Van De Poppe suggests that altcoins are experiencing an upward correction, while Bitcoin shows ongoing strength. According to experienced crypto trader Tone Vays, Bitcoin is currently exhibiting a bullish pattern that has the potential to trigger a notable breakout. Vays shares in his latest strategy session that Bitcoin may experience a surge of approximately 10% in value based on its current price levels.
Santiment, an on-chain data analytics firm, has observed that the trading crowd remained relatively neutral over the weekend. However, according to Santiment feed’s data, the current sentiment has once again shifted towards a bearish outlook. Interestingly, in previous instances where there has been a higher occurrence of negative keywords, it has coincided with the rise in values of cryptocurrencies like Bitcoin and other market caps.
Overall, the cryptocurrency market is experiencing a mix of optimism and cautiousness as investors await the decision on Bitcoin ETFs and the Federal Reserve’s interest rate announcement. The market remains volatile, with potential for both bullish and bearish movements in the coming days.