Bitcoin and Ethereum were buoyant on Sunday evening as the global cryptocurrency market cap rose 2.2% to $943.75 billion at 9 p.m. EDT.
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Why It Matters: The apex coin slipped below the 19,000 mark on Friday but regained the psychologically important mark later, the same day.
The two-largest coins by market cap appeared more sure-footed going into the fresh trading week amid a surge in broader risk assets. U.S. stock futures were seen in the green at the time of writing — with S&P 500 and Nasdaq futures up 0.5% and 0.75%, respectively.
OANDA Senior Market Analyst Edward Moya said that a “massive bond market reversal” prevented a “massive wave of technical selling” in Bitcoin on Friday.
“Bitcoin was in trouble. If risk appetite can stay healthy, Bitcoin should continue to consolidate above the $19,000 level,” said the analyst in a note, seen by Benzinga.
Going into the fresh trading week, Alternative.me’s “Crypto Fear & Greed Index” registered a marginal improvement in sentiment at 22 compared to 20 last week. The index continues to signal “Extreme Fear.”
A value of 0 on the index denotes “Extreme Fear” while 100 represents “Extreme Greed.”
Michaël van de Poppe said that Bitcoin is “still stuck” in a range and that the coming week — given the events — makes it “inevitable that we’ll break out of the range.”
#Bitcoin still stuck in this range.
Coming week is a large one with all the events, which almost makes it inevitable that we’ll break out of the range.
I’m watching this final resistance. It needs to break, and then, the party can start. pic.twitter.com/dsnyGFLdkt
— Michaël van de Poppe (@CryptoMichNL) October 23, 2022
The cryptocurrency trader said he’s watching the “final resistance” at $19,591.51. He said, “It needs to break, and then, the party can start.”
In the coming week, investors will look forward to the October manufacturing and services purchasing managers indexes. The coming week is also laced with quarterly earnings releases from big technology names.
Justin Bennett expects a “partial reversal” of Friday’s move in the coming week. The trader tweeted, “Seeing a lot of bullish rhetoric over Friday’s move, yet markets didn’t break or reclaim anything for the most part.”
Seeing a lot of bullish rhetoric over Friday’s move, yet markets didn’t break or reclaim anything for the most part. Just look at the $DXY.
I’ll wait for markets to decide. But I wouldn’t be surprised to see at least a partial reversal of Friday’s move this week. pic.twitter.com/5lSRAfCJaS
— Justin Bennett (@JustinBennettFX) October 22, 2022
Glassnode founders Jan & Yann said in a recent tweet that Bitcoin is “sensitive to incoming data and the macro environment.”
They said, “Demand is low and there is no clear direction in the market. A big move is imminent.”
— Negentropic (@Negentropic_) October 21, 2022