Bitcoin, Ethereum, Dogecoin Subdued: Why This Analyst Says Volatility ‘Will Kick In’ Next Week – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
Major coins were trading lower on Sunday night as the global cryptocurrency market cap fell 0.9% to $923.7 billion at 8:05 PM EDT.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -0.7% | -3.2% | $18,802.10 |
| Ethereum ETH/USD | -1.8% | -3.1% | $1,294.22 |
| Dogecoin DOGE/USD | -3.35% | -6.2% | $0.06 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| ApeCoin (MONKEY) | +5.3% | $5.72 |
| Maker (MKR) | +4.4% | $709.47 |
| Chain link (LINK) | +3% | $7.87 |
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Why it matters: Bitcoin and Ethereum trailed other risk assets lower at the time of writing. US stock futures were largely unchanged on Sunday evening.
The coming week will see a number of officials from the US Federal Reserve including the Chair Jerome Powell and deputy chairman Lael Brainard make comments at various events.
Investors will look forward to data on personal consumption expenditures (PCE) – a metric favored by the US Federal Reserve on Friday.
Friday’s weakness did not keep the apex coin from reaching June lows of $17,708.62, and Bitcoin gained higher than this level over the weekend.
“However, key technical levels have not changed, with bitcoin seeing a lot of support around $18,000-18,500 and the big test not far below around $17,500 – the low from earlier this summer,” said Craig Erlamsenior market analyst at OANDAin a note seen by Benzinga.
Alternative.me’s The “Crypto Fear & Greed Index” indicates that investor sentiment remains unchanged from last week. At the time of writing, the index was at “Extreme Fear.”
Michael van de Poppe said Bitcoin was in a “narrow range” and he expects “volatility to kick in over the next week.”
The cryptocurrency trader said on Twitter that the apex coin is likely to see a breakout and a test of the $19,500 level. The volatility task was based on currency, energy and commodity markets. The analyst also pointed to the upcoming Euro CPI and US PCE data.
#Bitcoin in a narrow range here, which means volatility is going to kick in over the next week.
Why?
– We have a ton of volatility across markets as things break (currency / energy / commodities).
– Euro CPI
– US PCETest of $19.5000 -> breakout likely. pic.twitter.com/7qZUjHihUi
— Michaël van de Poppe (@CryptoMichNL) 25 September 2022
CryptoQuant analyst Jan Wüstenfeld said in a note that Bitcoin is “holding up relatively well” over the current correction compared to months prior compared to the Nasdaq.
“The markets are not in a good place at the moment, and if you were to ask me, it’s more likely than not that the bitcoin bottom is not in yet,” Wüstenfeld said.
#Bitcoin The price is holding up relatively well above the current correction compared to the previous months
“The markets are not in a good place at the moment and it is more likely than not that the bitcoin bottom is not in yet.”
of @JanWuesRead more https://t.co/YsNx57AkuM
— CryptoQuant.com (@cryptoquant_com) 25 September 2022
Market information platform Sentiment tweeted that while a large portion of cryptoassets saw “huge negativity” from the trading community, Bitcoin, BNB, Dogecoin and Chainlink may be worth keeping an eye on.
“These top caps show particularly high levels of [FUD] which may lead to possible outbreaks.”
The majority of #crypto assets are experiencing a lot of negativity from the trading environment right now. But keep an eye out $BTC, $BNB, $ DOGEand $LINK. These top caps show particularly high levels of #FUD which may lead to possible outbreaks. pic.twitter.com/MyoOavHllw
— Santiment (@santimentfeed) 23 September 2022
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