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.
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.
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)
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