Bitcoin Posts a Fresh Three-Week High as Momentum Builds, Ethereum Underperforms

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Bitcoin (BTC) and Ethereum (ETH) Prices, Charts, and Evaluation:

  • Bitcoin is rallying forward of Wednesday’s FOMC assembly.
  • Open curiosity is transferring larger.

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Bitcoin is again above $27k right this moment as open curiosity within the largest cryptocurrency by market cap continues to construct. Monday’s rally noticed Bitcoin OI improve by over $1billion earlier than falling again sharply later within the day. Based on information from Coinalyze Bitcoin combination open curiosity is now near $8.6bn, up $400 million right this moment however off Monday’s multi-month excessive of just below $9bn. A rise in open curiosity results in elevated market liquidity and factors in direction of a rising market consensus for BTC

With no apparent drivers for the transfer larger, the rumor mill facilities round both ongoing shopping for by Michael Saylor/MicroStrategy – Saylor presently owns over 152k BTC – or asset managers shopping for Bitcoin forward of any potential spot ETF announcement. The SEC deadline for the second spherical of spot Bitcoin ETF selections is October sixteenth and seventeenth. On Wednesday the FOMC publicizes its newest coverage determination with the market totally anticipating rates of interest to stay on maintain. The post-decision press convention will likely be price listening to, particularly if chair Powell reiterates that charges can nonetheless go larger.

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The day by day Bitcoin chart is giving out blended indicators with a bearish 50-/200-day sma ‘demise cross’ seemingly negated by an open above a previous stage of resistance just below $26.6k. The 50-dsma can be performing as short-term resistance and a profitable break of this medium-term indicator would enable BTC to check each the 200-sdma, presently at $27,748, and the August 29 excessive at $28,142.

Bitcoin (BTC/USD) Every day Worth Chart – September 19, 2023

Ethereum can be pushing larger however is underperforming its peer Bitcoin. If assist at $1,622 holds, then a re-test of $1,676 is on the playing cards earlier than the 50-dsma, presently at $1,707 comes into focus.

Ethereum (ETH/USD) Every day Worth Chart – September 19, 2023

Ethereum continues to underperform Bitcoin, with the ETH/BTC now testing a multi-month low. The weekly chart appears to be like ominous little or no in the way in which of assist till we get to the Could/June/July lows seen in 2022.

ETH/BTC Weekly Chart

Charts by TradingView

What’s your view on Bitcoin and Ethereum – bullish or bearish?? You possibly can tell us by way of the shape on the finish of this piece or you’ll be able to contact the writer by way of Twitter @nickcawley1.

DailyFX supplies foreign exchange information and technical evaluation on the tendencies that affect the worldwide foreign money markets.

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