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Bitcoin's record low volatility is also a sign that the next price breakout will be volatile, but everyone is guessing which direction price will take and how it will impact altcoins. The S&P 500 Index (SPX) continued its march toward its all-time high with a 3% gain in July. Signs of receding inflationary pressures and expectations of an end to the Federal Reserve’s tightening cycle are the factors that boosted risk-on sentiment. However, this bullish mood did not benefit Bitcoin (BTC) as it largely remained range-bound in July and is on track to end the month with a loss of more than 3%. The biggest question troubling traders is when will Bitcoin’s range break and in which direction. Daily cryptocurrency market performance. Source: Coin360 Typically, the longer the time spent inside the range, the greater the force needed for the breakout. Once the price escapes the range, the next trending move is likely to be strong. The only problem is that it is difficult to predict the ...

Bitcoin and most major altcoins are slumping, but the charts suggest that a recovery could be around the corner. Bitcoin (BTC) extended its decline on May 12 but analyst Philip Swift, co-founder of trading suite DecenTrader and creator of data resource LookIntoBitcoin, does not expect a deep correction. He said it was “interesting to note that the long/short ratio has been climbing as price has trended down.” One of the reasons that is keeping analysts bullish is Bitcoin’s halving, which has followed a set cycle till now and analysts expect it to continue. Citing previous cycles, investor and entrepreneur Alistair Milne, said that the time to buy was now. Daily cryptocurrency market performance. Source: Coin360 However, in the near term, Bitcoin could be facing pressure due to the relief rally in the U.S. dollar index (DXY). Typically, the DXY has an inverse correlation with Bitcoin’s performance. What are the important support levels that may attract buyers in Bitcoin and the major ...

Bitcoin and altcoins appear to have shaken off the Genesis bankruptcy news by bouncing off their immediate support levels and rallying higher. The United States equities Markets are on track to finish the week in the red but that has not resulted in a deeper loss for Bitcoin (BTC). The news of cryptocurrency lender Genesis filing for Chapter 11 bankruptcy also did not have any meaningful impact on Bitcoin’s price. This shows that the selling pressure could be reducing. However, trading firm QCP Capital warned in the latest edition of its regular markets newsletter that the current recovery in Bitcoin was only a bear market relief rally. They anticipate this recovery to be followed by another bout of selling which could sink the price of Bitcoin and Ether (ETH) below their 2022 low. QCP used the Elliott Wave analysis to arrive at this conclusion. Daily cryptocurrency market performance. Source: Coin360 After an extended bear phase, the price action always climbs a wall of worry during ...

The DXY has turned bearish and that could prove to be a boon for SPX, cryptocurrency and Bitcoin. The S&P 500 index (SPX) fell 19.4% and the Nasdaq nosedived 33.1% in 2022, recording the worst performance since 2008. The crypto markets also had a horrendous year with Bitcoin (BTC) falling roughly 65% in 2022. In comparison, the United States dollar, which is perceived to be a safe haven, rallied nearly 9%, its best year since 2015. There are several green shoots visible for the cryptocurrency sector for 2023. The U.S. dollar index (DXY), which usually moves in inverse correlation with Bitcoin may have topped out. This increases the likelihood that select cryptocurrencies may be close to forming a bottom. Daily cryptocurrency market performance. Source: Coin360 Several traders miss buying at lower levels because they attempt to catch the bottom. Instead, long-term investors who believe in the crypto story may consider building a portfolio or adding positions in batches. Thus, they ...