Bitcoin price rises over the $20,000 mark for the first time in weeks as risk-on market sentiment greatly improves.
Today’s rapidly growing investments into technology companies, alongside digital currencies, seemingly reflecting traders’ confidence and optimism around the Federal Reserve potentially taking the foot off the gas pedal in near future.
Bitcoin (BTC) has risen nearly 5% in value to above $20,000 for the first time in about three weeks, and ether (ETH) is ahead just shy of 11% to its highest price since the Merge, leading a broad rally in cryptocurrencies and related stocks.
Among names on the move Tuesday are Coinbase (COIN) and MicroStrategy (MSTR), each up 13%. Many of the crypto miners are doing even better, with Hut 8 (HUT +17.17%), Bitfarms (BITF +16.17%), Marathon Digital (MARA +14.42%) and Riot Blockchain (RIOT +15.87%)
Bitcoin (BTC) spiked to a high of $20,418.87 on Oct. 25 as risk assets benefited from new U.S. dollar weakness.
The bulls are working hard Tuesday to make sure that the breakout stays to the upside. Multi-week trading ranges offer stiff resistance, while behind the scenes, miners are suggesting that a capitulation could yet take everyone by surprise sooner rather than later.
The markets overwhelmingly expect another 75-basis-point hike, keeping pressure on risk assets including Bitcoin, but last week sentiment started to shift with rumors of a softening of the Fed’s stance to come.
On Monday, Cathie Wood’s ARK Fintech Innovation Fund (ARKF) added 10,880 shares of Coinbase to its holdings, bringing its stake in the stock up to $60.5 million, or roughly 8% of the fund’s weight. It was ARK’s first buy of COIN since the asset manager unloaded shares back in July, citing SEC probe uncertainty.
As a crypto trader, you must internalize the structure of a trading market. The moment you notice price behavior differs from trends; you must determine whether the market is getting consolidated. Normally operating markets create high and low curves as the trend moves on.
Analysts recently wrote: “A decelerating positive correlation with SPX/QQQ and a rapidly rising correlation with XAU [gold] indicate that investors may view bitcoin as a relative safe haven as macro uncertainty continues and a market bottom remains to be seen.”
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