Bitcoin and other cryptocurrencies experienced a rise on Monday, as digital assets reached the higher end of a range established during a two-week rally. Analysts are closely monitoring key technical indicators to gauge the sustainability of this momentum.
Over the past 24 hours, the price of Bitcoin has increased by 1% to reach $34,600. This puts it closer to last week's peak above $35,000, which marked the highest point for the largest cryptocurrency since the brutal bear market in May 2022. Within just over two weeks, Bitcoin has rallied approximately 30%, largely due to the optimism surrounding the potential approval of the first spot Bitcoin exchange-traded fund (ETF) by regulators. This positive sentiment has sparked a renewed wave of investor interest in digital assets.
"The crypto market continues to stabilize at the levels it broke through at the beginning of last week," stated Alex Kuptsikevich, an analyst at broker FxPro.
While crypto enthusiasts maintain their focus on the possibility of the Securities and Exchange Commission (SEC) approving a spot Bitcoin ETF, it is worth noting that the upcoming busy week in markets could have an impact on digital assets.
Fed Decision and Economic Data Influence Dow Jones and S&P 500
The market movements of the Dow Jones Industrial Average and S&P 500 are likely to be influenced by the upcoming Federal Reserve interest-rate decision and a series of economic data releases. The U.S. jobs report, scheduled for Friday, will play a significant role in shaping investor expectations regarding interest rates. It is important to note that these rate changes can also impact the world of cryptocurrencies, including Bitcoin.
Bitcoin's Technical Indicators Signal Green
Bitcoin is currently experiencing positive signals according to various technical indicators, potentially attracting more traders to invest in this digital asset. One notable indicator is the "golden cross," which occurs when Bitcoin's 50-day moving average surpasses its 200-day moving average. This occurrence signifies a rally accompanied by increasing momentum. As per Dow Jones Market Data, Bitcoin's 50-day moving average exceeded $28,310 on Monday and crossed the 200-day moving average at $28,233.
According to Kuptsikevich, this "golden cross" formation can further enhance bullish sentiment by attracting short-term buyers who follow these popular signals.
Altcoins and Memecoins Show Mixed Performance
Aside from Bitcoin, other cryptocurrencies are also experiencing positive movement. Ether, the second-largest cryptocurrency, rose by 2% to reach $1,820. Similarly, smaller tokens like Cardano saw a 2% increase, while Polygon recorded a 3% rise. However, memecoins such as Dogecoin and Shiba Inu were relatively stagnant, trading at similar levels.
Our Latest News
Banco Santander releases strong Q2 financial results, with net profit exceeding expectations and revenue surpassing analysts' anticipations.
UBS's acquisition of Credit Suisse brings potential but challenges as they clean up the mess left behind before generating reliable profits.
Smart Metering Systems reports a rise in pretax profit and revenue for H1, driven by higher rental per smart meter. CEO emphasizes advantages of index-linked re...