The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin reaches 2-week maximum above $4,000
Over the weekend, Bitcoin prices managed to jump, pushing the world’s number one crypto asset above $4,000. It appears to be the first such a leap since December 25.
After getting to a two-week maximum near $4,100 on Sunday, Bitcoin has pared some profit on Monday. As a matter of fact, on the Kraken crypto exchange, the currency pair BTC/USD was last seen at $4,017.13, decreasing by about 1.4% since Sunday at 5 p.m. Eastern Time.
With Bitcoin yet to demonstrate any real grip above the $4,000 mark, there’s still much market buzz that the bear market is still evident and yet to reveal signs of complete exhaustion as well as turnaround, as some financial analysts pointed out.
Analysts added that the previous month has faced the overall price recover of the number one digital currency by more than 20%, and while the bears are less assured that an inevitable ‘zero’ is over there, few are eager to make a call on the short-term direction for the most popular digital coin.
In addition to this, smaller crypto assets, also known as altcoins, generally headed south on Monday. As a matter of fact, Ethereum inched down by approximately 2% coming up with a result of $152.60. Additionally, the currency pair LTC/USD went down by about 1.3% ending up with $38.09. Furthermore, the currency pair BCH/USD declined by about 1.9% being worth $162.00. As for XRP/USD, this currency pair managed to head north, adding 0.9% concluding the trading session at 37 cents.
On Monday, after the weekend surge, Bitcoin futures managed to outperform spot prices. February delivery, Cboe Global Markets futures XBTG9 tacked on by about 5.9% being worth $3,975. As for February delivery CME Group futures BTCG9, they rallied by up to 6.7% trading at $3,980.
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The FOMC, a committee within the Federal Reserve, will hold an important meeting and press conference on September 22 at 21:00 MT time (GMT+3).
Quadruple witching is gone and now there are no reasons for the market to hinder. From banks statements and economic data to gas storage reading and Fed’s Powell speech – get ready for active trading.