Bitcoin experienced a decline along with US stocks after hitting new three-week highs driven by macroeconomic factors.
Bitcoin and Stock Market Decline
Data from Cointelegraph Markets Pro and TradingView showed BTC price action coming full circle from the daily open after hitting new three-week highs of $64,121 on Bitstamp. Meanwhile, the S&P 500 also slid along with the Nasdaq 100 after setting a new all-time high on September 18, driven by a jumbo interest rate cut by the Federal Reserve. Gold saw further gains, up 1% on the day at the time of writing, while BTC/USD quickly canceled out its Wall Street dip.
Traders' Comments
Trader Roman commented, 'Lots of continuation signals here. Price Action looking bullish with low volume as we’re correcting/forming volatility to break 65k resistance. No bear divs or anything of that nature. Should see us move sideways next few days.' Fellow trader Daan Crypto Trades agreed on the importance of the $65,000 mark, noting its status as a liquidity magnet: 'The key level is $65K. This is a big level in terms of liquidity as well as signaling a bullish market structure break.'
Role of Exchanges in Current Growth
The on-chain analytics platform CryptoQuant noted that Binance was leading US exchange Coinbase in buyer appetite for BTC. The so-called Coinbase premium—reflecting the difference in BTC pricing—showed a significant negative value on the day, indicating stronger buying pressure on Binance. Avocado_onchain wrote in a blog post, 'In other words, the fact that the Coinbase Premium is negative while Bitcoin’s price isn’t falling suggests strong buying pressure occurring on Binance during the current upward trend.'
Markets continue to analyze the macroeconomic impacts affecting their state. Traders and analysts are closely watching support and resistance levels as exchanges create conditions for further price movements.
Comments