Can stocks and crypto put up a bear-market relief rally?
After continued support around \(18,000, BTC showed signs of strength over the weekend and leading into today's U.S. stock market open. As it stands now, both BTC and ETH have reclaimed \)19,000 and $1,300 levels.
Despite the ongoing macro-economic pressure, both stocks and crypto could potentially post a relief-rally this week after continued downward action exhausts sellers. Moreover, with September nearing its end, traders will look toward October — a historically positive month for Bitcoin — for some positivity on the charts.
That being said, any relief rally is likely to be temporary, and will serve to shed late shorts before possibly continuing the downward trend until we see a meaningful shift in the Fed’s stance, CPI data and interest rate hikes.
Top altcoin gainers and losers
BTC Technical Analysis
Having tested the \(18,000 range for the 5th time on the daily, BTC is beginning to show signs of seller exhaustion. However, it needs to break above \)19,300 and stay there for any real chances of an upward move toward $21,000.
ETH Technical Analysis
After days of downward price action, ETH found support at \(1,250 — an important level, established in July this year. Now, the second-largest crypto by market cap will need to breach \)1,400 before we can look toward $1,700.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.