Newsletter Volume 46
Article 1 — The Market This Week
After a week-long surge, the cryptocurrency market experienced a slight decline on Thursday. The total market capitalization dropped by 0.24% to $1.07 trillion, while the total trading volume decreased by 4.36% to $27.43 billion.
Bitcoin (BTC) continued to dominate as the most popular cryptocurrency for the third consecutive day, showing a slight decrease of 0.04% to $27,058.64. It had a trading volume of $12.60 billion in the last 24 hours. Immutable (IMX) emerged as the top gainer, with a 34.89% increase to $0.7294 within the same timeframe, and a trading volume of $290.79 million. On the other hand, Toncoin (TON) suffered the biggest loss, declining by 7.48% to $2.31 in the last 24 hours. Its trading volume amounted to $50.93 million.
According to Coinmarketcap.com, the decentralized finance (DeFi) sector saw a significant drop of 8.27% to $2.27 billion.
Bitcoin consolidated at a higher level on September 15, displaying behavior that analysts described as “textbook.” The cryptocurrency focused on $26,600, just below a significant breakout level. Despite concerns about stubborn inflation indicated by recent US macroeconomic data reports, Bitcoin remained resilient and joined traditional markets in moving higher. Analysts, including Michaël van de Poppe, expressed optimism that Bitcoin would avoid new lows and potentially experience a bullish breakout. Van de Poppe identified $25,000 as a key level for bulls to establish market control. Although Bitcoin remained below several important moving averages, the 200-week exponential moving average continued to act as support, marking its significance for any potential bull market.
Following new September highs, Bitcoin circled $26,500 into the Sep. 17 weekly close.
Cointelegraph Markets Pro and TradingView data showed BTC prices stabilizing over the weekend. They had seen the largest cryptocurrency hit $26,880 two days prior, the highest level for the month. Credible Crypto, a popular trader and analyst, noted a cluster of bid liquidity buoyed the Binance BTC/USD order book over the weekend.
In part of his accompanying comments on X (formerly Twitter), he wrote, “Some seller absorption occurring here- this level is being defended at the moment.” In the midst of consolidative movement, Crypto Tony identified two possible scenarios — with $26,000 still holding as support regardless. “I am still waiting for that dip down to $26,100 and a bounce for a long trigger,” he said on the day.
The first green weekly candle in over a month greeted Bitcoin traders at the start of the new week. BTC/USD has climbed toward $27,000 after a weak August and beginning of September. It promises to be an interesting few days, which will include a key US macroeconomic event as a potential volatility driver. Any surprises from the U.S. Federal Reserve could affect risk assets, including crypto, significantly.
Any surprises from the U.S. Federal Reserve could affect risk assets, including crypto, significantly. Hodler behavior is also reflecting strength “under the hood,” with wallet numbers continuing to soar no matter what happens to the BTC price. Bitcoin begins what is likely to be the most eagerly-awaited week of September as Cointelegraph looks at these topics and more. Cointelegraph Markets Pro and TradingView data show that Bitcoin’s calmer trading conditions are already being challenged into the new week.
As of writing, bulls are attempting to build on the Sept. 17 weekly close to reach new month-to-date highs. The weekend zone may therefore form a “local bottom,” according to popular trader Credible Crypto. This region continues to be defended, with buyers stepping in once again. It appears that a bottom or base is forming here, he said, along with a chart of Binance’s order book liquidity.
As the dust settled on the latest macroeconomic events in the United States, Bitcoin fell from $27,000 on Sept. 21.
BTC price strength declined by about 1.5% before the Wall Street opening, according to Cointelegraph Markets Pro and TradingView. After the Federal Reserve paused interest rates, bitcoin did not react much, and Chair Jerome Powell’s speech and press conference did not spark much volatility.
In spite of the expectations of many, BTC price action behaved as if there were no catalysts at all. News later that payouts to creditors of the defunct exchange Mt. Gox had been postponed by another year also failed to make a big impact on markets. As popular trader Jelle explained to X (formerly Twitter) subscribers, the Fed’s announcement of a rate pause caught no one by surprise.
A higher exit from the current structure, which has been in play for more than a year, remains possible according to Jelle’s longer-term roadmap. Crypto Tony reiterated the importance of maintaining $26,800 through the weekly close. “My plan was to stay long as long as we remained above $26,800.
KEY METRICS
Total Crypto Market Cap: $1.09 T
Bitcoin Market Cap: $519.47 B
Ethereum Market Cap: $191.77 B
ETH/BTC Ratio: 0.06
Ethereum Gas Price: 14 gwei
DeFi TVL: $69.36 B
Fear and Greed Index: 43 (Fear)
Federal Reserve Balance Sheet: $8.09 T
Article 2 — Weekly Spotlight on IC15
The global cryptocurrency market saw a second day of high trading due to the European Central Bank’s signaling of the conclusion of rate hikes, resulting in the IC15 Index rising by 351 points to 34,428 at 4 p.m on 15th Sept. Tron, XRP, Solana, and Shiba Inu were the major gainers in the 1–4% range. The Reserve Bank of India reported 15,000 transactions in the retail CBDC pilot testing of the digital rupee and plans to scale it to one million transactions. Hong Kong was recognized as the best crypto-ready country, while Deutsche Bank partnered with Taurus to offer crypto custody and tokenization services, and ANZ is on the verge of launching its A$DC stablecoin.
The global cryptocurrency market saw a positive start this week, with the IC15 Index rising 463 points to 34,907. Chainlink led the gainers, followed by Litecoin, Solana, BNB, and Bitcoin. The losers were Avalanche, XRP, and Dogecoin. The National Bank of Kazakhstan has created the National Payment Corporation to oversee the development of its CBDC, the digital tenge. The Japanese government is considering allowing startups to raise funds through cryptocurrency instead of stocks. Germany saw a record high in venture capital funding for the blockchain industry in 2023, and Boerse Stuttgart Digital plans to launch insured crypto staking services for institutional investors.
The global cryptocurrency market traded lower as investors awaited the US Federal Reserve’s interest rate decision. The IC15 Index on 20th Sept, decreased by 207 points to 34,835, with Litecoin, Avalanche, Cardano, and Uniswap being the major contributors to the decline. Chainlink, XRP, Polygon, and Tron were the gainers in the 0–2% range. The New York DFS proposed guidelines for listing and delisting cryptocurrencies on trading platforms to ensure transparency and has called for public consultation. The German regulator believes global crypto regulation is important for stability following G20’s efforts. The Malta Financial Services Authority is seeking public input to align its crypto regulation with the EU’s MiCA regulation. In India, blockchain technology is being adopted by state and local governments for various government processes.
The global cryptocurrency market traded lower following the US Federal Reserve’s decision to keep rates unchanged but signaled potential future increases in borrowing costs. The IC15 Index saw a decline of 407 points to 34,428 on 21st Sept, with all coins in the Index decreasing in value. Major losers included Litecoin, BNB, Avalanche, and Uniswap. US Presidential candidate Vivek Ramaswamy announced plans to release a comprehensive crypto policy framework, while Coinbase launched a campaign called Stand with Crypto to advocate for crypto legislation in the US. Busan, the second largest city in South Korea, allocated a budget to develop a public blockchain network and become a blockchain city. Alchemy Pay obtained a Money Transmitter license in the US to expand its global operations.
Article 3 — The Battle of Bulls and Bears
Bitcoin remains positive above $26,200 resistance, with a recent correction below $27,000. Currently trading above $26,550 with support near $26,600. Resistance levels are at $26,950, $27,500, and $28,200. A move above $28,200 may lead to a push towards $29,000 resistance.
Bitcoin attempted to break above the $27,500 resistance but faced hurdles and retraced after the Fed interest rate decision. It is currently trading above $26,800 with support at $26,810. If it holds above the support line, a rise towards resistance levels at $27,280 and $27,500 is possible.
Ethereum struggled to surpass the $1,660 and $1,670 resistance levels, following Bitcoin’s lead. As a result, ETH declined below $1,630 and $1,620. However, it found support around $1,600 and is currently consolidating losses. Resistances are at $1,630, $1,640, and the bearish trend line near $1,640. Immediate support is near $1,600.
Ethereum’s price has seen a decline and is currently in a bearish zone, underperforming Bitcoin. It dropped below key support levels, including $1,620 and the 100-hourly Simple Moving Average. However, the price is now attempting to recover and has moved above $1,580. It is testing resistance near $1,600 and $1,620, indicated by two bearish trend lines. The price may face further resistance at the $1,610 level and the 100-hourly Simple Moving Average.
Bitcoin’s price is experiencing a downside correction after failing to surpass the $27,500 resistance level. It has entered a bearish zone and dropped below key support levels at $27,000 and $26,800. The BTC/USD pair also broke a major bullish trend line with support near $26,800. Currently, the pair is consolidating losses near the $26,350 support zone. Bitcoin is trading below $27,000 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is seen at the $26,800 level, followed by the $27,000 zone, a bearish trend line, and the 50% Fib retracement level.
Article 4 — Weekly Spotlight
The cryptocurrency market experienced a slight decline on Thursday after a week-long surge. The total market capitalization dropped by 0.24% to $1.07 trillion, and the total trading volume decreased by 4.36% to $27.43 billion.
Bitcoin (BTC) remained the most popular cryptocurrency, showing a slight decrease of 0.04% to $27,058.64. It had a trading volume of $12.60 billion in the last 24 hours. Immutable (IMX) emerged as the top gainer, with a 34.89% increase to $0.7294, and Toncoin (TON) suffered the biggest loss, declining by 7.48% to $2.31.
In the decentralized finance (DeFi) sector, there was a significant drop of 8.27% to $2.27 billion.
Bitcoin consolidated around $26,600 and analysts expressed optimism that it would avoid new lows and potentially experience a bullish breakout. The 200-week exponential moving average continued to act as support, indicating its significance for any potential bull market.
During the weekend, Bitcoin stabilized and attempted to build on the previous week’s gains. Bullish momentum was observed in the market, and there was anticipation for potential volatility drivers such as the U.S. Federal Reserve’s interest rate decision.
The IC15 Index saw gains and losses throughout the week, with major gainers including Tron, XRP, Solana, and Shiba Inu. The Reserve Bank of India reported progress in the retail CBDC pilot testing, and Hong Kong was recognized as the best crypto-ready country.
As the week progressed, Bitcoin price action behaved without significant catalysts, and the market underwent a slight decrease following the US Federal Reserve’s interest rate decision. Litecoin, Avalanche, Cardano, and Uniswap were among the major contributors to the decline.
Bitcoin’s resistance levels were noted, and ETH struggled to surpass resistance levels as well. Ethereum’s price saw a decline and entered a bearish zone, underperforming Bitcoin.
The overall sentiment in the market was cautious, with traders closely watching support and resistance levels as well as potential volatility drivers such as macroeconomic events and regulatory developments.
