Bitcoin price has once again broken through the psychological barrier of $60,000. It currently stands at around $60,850.
Bitcoin price is rising, but still not enough
Bitcoin is on the rise again. It has broken through $60,000, which many consider a psychological, circular barrier. Currently, one bitcoin is worth around $60,850, which translates to a 3% jump since yesterday and a 2.5% jump over the past 7 days.
Fear continues to dominate the market. The fear and greed index is at 30.
Ether is doing similarly. For 1 ETH you have to pay 2672 USD on the exchange, which means a price jump of 1.7% on a daily scale and 0.5% over the last week. The fear and greed index shows 36, which still corresponds to investors’ fear.
Will it fall or rise?
It is worth noting that cryptocurrencies have not yet taken a clear course. And it seems that we will wait for this until the last quarter of this year (cyclicality!) or until September 18, the next meeting of the Fed authorities. There are many indications that the US central bank may start cutting interest rates then, which will drive growth in many markets.
On that last point, the speech of Fed chief Jerome Powell, who is scheduled to speak at the central bank’s Jackson Hole symposium this week, may prove important. It is doubtful that he will clearly indicate what the central bank will do next, but one of his words could change the trajectory of BTC, provoking declines or, on the contrary, stronger gains.
At the same time, the fundamentals of cryptocurrencies are strengthening. We are learning about more large companies entering this market.
In addition, in the case of Ethereum, it is clear that the network is gaining popularity and its scalability is improving. Recently, this blockchain processed as many as 350 transactions per second.
Looking at a certain pattern of the BTC bull market that has been in force so far, there may be a bear trap behind us. This would mean that the August crash was the last clearing of the market before the stage of strong growth.
The text does not constitute investment advice.
