Tag: Analysis

Price analysis 9/25: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, TON, SOL

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The strength in the United States dollar index could keep Bitcoin and select altcoins under pressure in the near term. Bitcoin’s (BTC) weakness on Sep. 24 shows that the bears remain in control. Sellers are trying to pull the price below $26,000 but the bulls are likely to defend the level with vigor. Buyers are trying to achieve a positive monthly close for Bitcoin in September for the first time since 2016. If they can pull it off, it will be a major sentiment booster as October generally favors the…

Bitcoin analysis predicts ‘spicy’ BTC price into FOMC as $27K holds

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Bitcoin (BTC) held $27,000 into Sep. 20 as the key macroeconomic date of the cryptocurrency trading week arrived. BTC/USD 1-hour chart. Source: TradingView Market “set to accommodate” BTC price volatility Data from Cointelegraph Markets Pro and TradingView showed the BTC price focus shifting upward compared to the week prior. Crypto markets showed conviction into the decision on interest rates by the United States Federal Reserve. The Federal Open Market Committee (FOMC) was due to announce its latest changes at 2pm Eastern time on the day. As Cointelegraph reported, expectations almost…

Price analysis 9/18: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, TON, SOL

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Bitcoin and select altcoins are attempting to make a comeback as traders expect the Fed to hold rates steady during its meeting this week. The failure of the bears to sink Bitcoin’s price below $25,000 support ignited buying interest last week. The positive momentum picked up further at the start of the new week, and buyers are trying to sustain Bitcoin’s (BTC) price above $27,000. Market participants seem to be buoyant on expectations that the Federal Reserve will not hike rates again this year. The CME FedWatch Tool shows a 58%…

Is Bitcoin A Buy Or Sell? Ark Invest Shares Market Analysis

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In its new monthly report titled “The Bitcoin Monthly: Bitcoin Battles Resistance Around Its On-Chain Mean”, Ark Invest has provided an exhaustive analysis of the current market landscape. The report categorizes its findings into bullish, neutral, and bearish perspectives, providing a holistic view of Bitcoin’s current and potential future stance. Bullish Arguments For Bitcoin Grayscale Spot ETF and GBTC’s Discount To NAV: On August 29, a pivotal decision was made by a US Federal Appeals Court. They ruled that the U.S. Securities and Exchange Commission (SEC) must revisit and reconsider…

Price analysis 9/4: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON

Bitcoin price is range-bound but several major altcoins such as XRP are showing signs of a potential breakdown. The United States’ equities markets are on a recovery path. The S&P 500 Index (SPX) surged 2.50% last week to record its best week since June. Even though Bitcoin (BTC) also attempted a relief rally, the bulls could not sustain the higher levels. In the end, Bitcoin finished the week with a marginal loss of 0.5%. One of the main reasons Bitcoin gave back its gains was because the Securities and Exchange…

Bybit debuts AI-powered ‘TradeGPT’ for market analysis and data-driven Q&A

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Dubai-based cryptocurrency exchange Bybit has developed a language-based trading tool that uses artificial intelligence (AI) to generate trading insights and answer technical questions from its market data. TradeGPT is being touted as an AI-powered education tool that taps into the generative ability of ChatGPT’s large language model and Bybit’s in-house ToolsGPT to provide real-time market analysis and answers to user questions in a variety of languages. An announcement shared with Cointelegraph highlighted TradeGPT’s ability to offer market strategies and products for strategies being discussed with a user. Bybit launched ToolsGPT…

How AI analysis can change finance and crypto trading

As artificial intelligence (AI) and its various subsets — such as machine learning (ML) — become more complex and developed, their presence within the financial realm has increased drastically.  According to a 2022 report by Nvidia, over 75% of companies operating in the financial sector apply machine or deep learning to optimize their internal operations. Moreover, the study notes that 91% of financial firms are now driving critical business outcomes with investments in AI, with many of the surveyed companies stating that the burgeoning technology has helped them yield more…

Price analysis 8/28: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, DOT

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The S&P 500 is attempting a recovery, but Bitcoin and select altcoins are struggling to break above their respective resistance levels. Bitcoin (BTC) is down about 11% in August, just shy of the 13.88% fall seen in the corresponding month in 2022, according to CoinGlass data. The picture does not look very bright for September either. History shows that every year since 2017, Bitcoin has declined in September.  Bloomberg Intelligence senior macro strategist Mike McGlone is even more bearish on Bitcoin. While speaking to Kitco News, McGlone warned that in…

Price analysis 8/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, TON

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Bitcoin and altcoins lose more ground after comments from the Federal Reserve suggest that the regime of interest rate hikes could continue into 2024. Federal Reserve Chair Jerome Powell spoke today and in his Jackson Hole speech he cautioned that inflation remains too high and that the central bank remains open to raising rates further if needed. The remarks by Powell strengthen the narrative that interest rates are likely to remain higher for longer.  However, a positive sign is that after a brief sell-off, the United States equities markets have recovered from…

Crypto market analysis: Why did Bitcoin drop?

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We explore the present crypto market conditions, what drives the sentiments, ongoing events in the crypto space, and what to expect in the days ahead.  The global crypto market has experienced volatility over the past week. Bitcoin (BTC), once sailing smoothly around the $28,000 mark, crashed to a two-month low of around $25,400 on Aug 17, trading at around $26,026 as of August 22.  This downward spiral triggered a decline for Ethereum (ETH), which reached a five-month low of $1,551.71 at the time of writing, trading at $1,662. Amid prospects…