Good morning, Here’s what’s happening:
- Market Moves: Bitcoin rose over the past 24 hours, and the leading cryptocurrency by market capitalization experienced low volatility.
- Technician’s Take: Bitcoin is holding support at 60K, and slowing momentum suggests a period of consolidation.
- Watch
Bitcoin (BTC) continues to trade in a tight range, although buyers appear to be holding support above $60,000. Short-term indicators are neutral, although pullbacks could be limited given a series of price breakouts over the past month.
If buyers fail to hold $60,000, lower support around the 50-day moving average, currently near $55,000, could stabilize a pullback.
After remaining flat on Friday, Bitcoin rose to nearly $63,000 at the time of publication of First Mover Asia, rising almost 4% over the weekend.
For now, upside momentum is slowing, which suggests a period of consolidation could persist in the short term. Eventually, indicators suggest momentum could improve to support a breakout in BTC above $65,000 based on positive historical returns in the fourth quarter.
Important Events
Be on the lookout for the following today:
- 1:00 p.m. Hong Kong/Singapore (5:00 a.m. UTC): Japan Leading Economic Index (September)
- 5:30 p.m. Hong Kong/Singapore (9:30 a.m. UTC): Sentix Investor Confidence (Eurozone)
On CoinDesk TV
In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:
Circle CEO and Founder Jeremy Allaire on White House Stablecoin Report
“First Mover” hosts spoke with stablecoin USDC issuer Circle CEO Jeremy Allaire as the company faces increasing scrutiny from regulators amid the Biden Administration’s stablecoin report. Voyager Digital CEO Steve Ehrlich shared insights into the multi-year partnership signed with Mark Cuban’s Dallas Mavericks. Plus, Blockchain Research Institute Co-founder and Executive Chairman Don Tapscott shared his take on big tech diving into the Metaverse.
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