Investor sentiment was marred by “extreme fear” as we enter the fresh trading week. Meanwhile, Bitcoin managed to escape summer lows over the weekend. On the other hand, one market intelligence platform says keep an eye on BTC and certain altcoins in the middle of the FUD. Here are the details…
Bitcoin important this week for ETH
Bitcoin and Ethereum experienced slight declines. It followed other risk assets. U.S. stock futures were largely unchanged on Sunday evening. This week, a number of officials from the US Federal Reserve will comment at various events, including Federal Reserve Chairman Jerome Powell and Vice Chairman Lael Brainard.
Investors will look forward to Friday’s data on personal consumption expenditures (PCE), a metric favored by the US central bank. Friday’s weakness brought the peak crypto close to its June low of $17,708.62. However cryptocoin.com As we reported, Bitcoin prevailed above this level over the weekend. OANDA Senior Market Analyst Craig Erlam used the following statements:
While Bitcoin has plenty of support around $18,000-18,500 and the big test isn’t far below $17,500 – its lowest level since early summer, the fundamental technical levels are unchanged.
Analyst expects volatility for this week
Alternative.me’s “Crypto Fear and Greed Index” shows that investor sentiment is unchanged from last week. Currently at the “Extreme Fear” level. Meanwhile, analyst Michaël van de Poppe stated that Bitcoin is in a “narrow range.” He said he expects “volatility to kick in over the next week”. The cryptocurrency trader said on Twitter that the biggest coin will most likely experience a breakout and see a test at $19,500. The volatility thesis was based on currencies, energy and commodity markets. The analyst also pointed to the upcoming Euro consumer price index and US PCE data.
CryptoQuant analyst Jan Wüstenfeld said in a note that Bitcoin “held relatively well” relative to the current correction based on its correlation with the Nasdaq. “The markets are not in a good place right now,” Wüstenfeld said. If you ask me, it’s more likely that we haven’t seen the Bitcoin bottom yet.”
According to market intelligence platform Santiment, those in the trading community “see a lot of downside in cryptocurrencies. Meanwhile, the platform tweeted that it might be worth paying attention to Bitcoin, BNB, Dogecoin, and Chainlink. Santiment’s tweet includes the following statements:
These major coins are showing particularly high levels of FUD that could lead to eventual breakouts.
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