Leading cryptocurrencies traded higher on Sunday, as investors braced for a week marked by key inflation data.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin BTC/USD | +0.26% | $110,807.77 |
| Ethereum ETH/USD | -0.14% | $4,288.17 |
| XRP XRP/USD | +2.05% | $2.87 |
| Solana SOL/USD | +1.92% | $205.89 |
| Dogecoin DOGE/USD | +5.03% | $0.2279 |
Bitcoin Moves In A Sideways Market
Bitcoin failed to break past the $112,000 resistance, oscillating within the tight trading range between $110,500 and $111,500. The coin’s trading volume rose 22% in the last 24 hours.
Strategy Inc. MSTR chairman Michael Saylor dropped a cryptic post, saying, “Needs More Orange,” fueling speculation that his Bitcoin treasury company may make additional purchases.
Ethereum reached an intraday high of $4,334.27, but then fell below $4,300 late in the evening. Solana lifted nearly 2% over the last 24 hours..
About $140 million was liquidated from the cryptocurrency market in the last 24 hours, with $87 million in bearish shorts wiped out. Over $330 million in Bitcoin shorts risked liquidation if the leading cryptocurrency rises to $113,000.
Bitcoin’s open interest dropped 0.49% in the last 24 hours. The majority of Binance futures traders with open BTC positions were positioned long as of this writing.
The overall market sentiment remained “Neutral,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| MYX Finance (MYX) | +178.46% | $3.62 |
| Somnia (SOMI) | +64.16% | $1.70 |
| Chintai (CHEX) | +15.05% | $0.1250 |
The global cryptocurrency market capitalization stood at $3.83 trillion, growing by 0.56% in the last 24 hours.
What To Expect This Week
Stock futures ticked higher overnight Sunday. The Dow Jones Industrial Average Futures rose 47 points, or 0.10%, as of 8:57 p.m. EDT. Futures tied to the S&P 500 gained 0.17%, while Nasdaq 100 Futures added 0.35%.
Investors will be watching key inflation reports this week, including the consumer price index and producer price index, for signs on the direction of interest rate cuts.
This follows a weaker-than-expected August jobs report, cementing expectations that the Federal Reserve will be compelled to cut interest rates. Traders priced in a 92% chance of a 0.5% rate cut in the meeting later this month, according to the CMC FedWatch tool.
Stocks rallied sharply on Thursday. The Dow Jones Industrial Average lifted 350.06 points, or 0.77%, to close at 45,621.29. The S&P 500 rose 0.83% to finish at 6,502.08, while the tech-heavy Nasdaq Composite closed up 0.98% at 21,707.69.
Blip Before A Rip?
Widely followed cryptocurrency analyst ZYN stated that Bitcoin usually bottoms at 0.382 Fibonacci level, which currently stood at around $100,000.
“So the worst case scenario is a 10% drop before a 50% rally above $150,000,” they projected.
Meanwhile, Michaël van de Poppe predicted an interesting week ahead, stating that Bitcoin’s breakout past $112,000 could be a “massive trigger” for the market.
Photo Courtesy: Shutterstock/CKA
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