Fed Chairman Jerome Powell’s speech on September 30 and the US jobs report at the end of the week will be key factors for the cryptocurrency market in the coming days. Writes about this The Block.
Rachel Lucas from BTC Markets explained the rollback from the $66,500 Bitcoin reached on September 27 to the current $64,500 as overbought due to the sharp increase after the breakout above 50 DMA.
SOFA.org’s head of analytics, Augustine Phan, questioned the significant impact of Powell’s comments. The specialist is convinced that they will be a repeat of his speech after the Federal Reserve’s decision to reduce the key rate by 50 bps. p.
The expert noted the continued favorable prospects for the digital asset market in the fourth quarter due to the “friendly macroeconomic background” and statements about the support of the industry by Democratic presidential candidate Kamala Harris. Investors will go into “buy the dip” mode, he added.
Revival in the ETF sector
Receipts into spot Bitcoin ETFs from September 23 to 27 amounted to $1.11 billion. The positive trend continued for the third week in a row.
Cumulative inflows since the BTC-ETF was approved in January have increased to $18.8 billion.
Inflows into spot Ethereum-ETFs from September 23 to 27 amounted to $84.5 million. Positive dynamics were recorded after six weeks of outflows.
Cumulative inflows since the BTC-ETF was approved in January have increased to $18.8 billion.
Receipts to spot Ethereum-ETFs from September 23 to 27 amounted to $84.5 million. Positive dynamics were recorded after six weeks of outflows.
Net withdrawals from instruments for the entire period increased to $523 million.
Too bullish
Santiment analysts called the rise in the sentiment index to a maximum in recent months an obstacle to Bitcoin’s entry into the market. ATH. According to their calculations, optimistic comments are 1.8 times more common on social networks than pessimistic ones.
📊 If you’re awaiting Bitcoin’s new all-time high, it may need to wait until the crowd slows down their own expectations. There are currently 1.8 bullish posts towards BTC for every 1 bearish post. Markets historically always move the opposite direction of crowd’s expectations. pic.twitter.com/ZxDxalgmzb
— Santiment (@santimentfeed) September 29, 2024
On September 29, the fear and greed index rose to 63 points, which corresponds to the greed zone. A month ago, the indicator dropped to 29 points, signaling high investor anxiety.
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Source: Cryptocurrency
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