Bitcoin (BTC), ether (Ethereum)… Cryptocurrencies have represented the hair of the beast since last week, in the wake of other risky assets (equities in particular, with them showing a strong correlation), galvanized by announcements of the Fed judged positively. “While there is still some way to go to recoup the losses of the first half, crypto-assets such as bitcoin are witnessing a mini renaissance”, observes Simon Peters, market analyst at eToro, for whom “the synchronization with the stock markets continue”.
In July, equities regained a lot of ground. “Much of the effects of inflation and rate hikes now seem to be priced in, and markets are optimistic about fears of a pullback,” notes the expert. According to him, “as major institutions have pulled back in the market, crypto-asset investors could see valuations return to better levels.”
How to buy bitcoins
From a technical analysis standpoint, after clearing a significant hurdle last week, bitcoin lately approached the major $24,649-$25,424 resistance zone, before correcting lower. Still, the short-term bias is currently bullish.
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Carried by its 30-day moving average (curve in blue), the queen of cryptocurrencies is registered within a small ascending channel. For now, bitcoin is testing the 67-day moving average (curve in purple), which acts as dynamic downside resistance.
Find our complete points on the main cryptocurrencies in 21Millions and Momentum, the crypto newsletters and Bourse et Capital.
Cryptocurrencies: will bitcoin rebound sustainably?
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