The largest of the cryptocurrencies, Bitcoin is trading up quite a bit today, fueled by a decline in the dollar and bond yields. The price of BTC has risen on a wave with other risky assets, including the stock market. Wall Street indexes are gaining, with the Nasdaq already gaining more than 1% on the upside. The dollar was weakened indirectly by comments from the Fed's Goolsbee, who indicated that he is still unsure of a decision at the November meeting.
Allowing for a possible rate hike pause at the November Fed meeting could certainly be perceived by markets as a signal of an early pivot, and while this is not currently the base scenario, it certainly supported sentiment in today's session - as did positive macro data readings from the US, which pointed to slowing demand and inflation, with a still-strong labor market and over 2% GDP growth. Nearly 10% gains for the AAVE cryptocurrency, with Apecoin trading up over 7% and Ethereum gaining nearly 4%.
BITCOIN is recording growth after a period of prolonged sideways trend. It has finally managed to rise above the 23.6 Fibonacci retracement of the September 11 upward wave, and now a test of the September highs above $27,500 seems the most likely scenario. Source: xStation5
The falling dollar index (USDIDX, gold chart) finally supported the demand for risky assets and the rise of Bitcoin. Source: xStation5
