Leading Cryptocurrencies Trade Flat Ahead of Powell's Speech
The cryptocurrency market saw a relatively flat Sunday, with Bitcoin and Ethereum experiencing choppy trading ahead of Federal Reserve Chair Jerome Powell's speech on interest rate cuts. Bitcoin briefly spiked above $66,000 before retreating to around $65,121 overnight. Ethereum also fluctuated within the $2,600 range.
Despite the flat trading, Bitcoin managed to gain over 10% in September, its best monthly performance since July. This rally was largely attributed to the central bank's aggressive 0.5% rate cut earlier in the month. However, the market sentiment remained one of "Greed," according to the Cryptocurrency Fear & Greed Index.
Total cryptocurrency liquidations exceeded $108 million in the last 24 hours, with long liquidations accounting for 60%. This indicates a rise in bearish bets compared to bullish long bets.
Investors are now looking towards Powell's speech on Monday for clues on the future of monetary easing policy. Additionally, the unemployment data for September, scheduled for release on Friday, will also be closely watched.
Stock Futures Remain Steady
Stock futures remained relatively unchanged overnight on Sunday. The Dow Jones Industrial Average Futures was up 0.06%, while the S&P 500 and Nasdaq 100 futures gained 0.12% and 0.15% respectively.
Blue-chip indices closed at fresh highs on Friday, poised to end September on a positive note. The Dow Jones Industrial Average was up 1.8% month-to-date, while the S&P 500 gained 1.25%.
Bitcoin Price Predictions
Cryptocurrency experts have offered varying predictions for Bitcoin's future price. One expert believes that if Bitcoin is forming a cup-and-handle pattern, the long-term bullish target could range between $194,000 and $352,000. Another expert, however, cautions that the market's expectations need to be tempered for Bitcoin to reach new highs. They point to the current ratio of 1.8 bullish posts to every 1 bearish post, historically indicating a potential move in the opposite direction.