empty
22.09.2023 05:10 PM
BTC/USD: Market sentiment has changed

If you like to ride, you should also enjoy pulling the sled. If Bitcoin grew thanks to the rally in U.S. stock indices at the start of the week until September 22, it logically had to fall at its finish due to the stock market crash. And that's exactly what happened, so the awakening of the crypto market turned out to be nothing more than an illusion. It remains dull and risks falling into even greater disgrace due to the changing balance of power in the global economy and financial markets.

Dynamics of Bitcoin and S&P 500

This image is no longer relevant

Over the past nine weeks, capital outflows from crypto assets amounted to almost half a billion dollars, according to CoinShares research. At the end of the last five days, investors withdrew $54 million from the digital asset market. This includes $45 million, or 85%, from Bitcoin. Money continues to slip through their fingers as concern grows in the market. Cryptocurrencies have seen many positive news items, including victory over the Securities and Exchange Commission in court and new applications for Bitcoin-based ETFs. But unfortunately, all of this has not led to price growth.

Simultaneously, trading volumes on Binance are declining due to the introduction of fees for trading USDT on cryptocurrency exchanges and regulatory anger. Binance's share in the overall structure of centralized exchanges has dropped from 57% in March to the current 34%. Since the beginning of August, over 12,000 Bitcoins worth around $330 million and 198,000 Ether units worth $323 million have left the exchange.

Dynamics of trading volumes on Binance

This image is no longer relevant

Thus, the pessimistic sentiment in the digital asset market has not disappeared, and BTC/USD quotes have returned to the trading range of 25,000–27,000. But has trading become as dull as it was in the summer? I don't think so. If Bitcoin managed to re-establish its old ties to the U.S. stock market, traders will soon try to pull it out of consolidation.

Currently, stock indices look quite vulnerable. Markets are getting used to the new reality, the fact that the Federal Reserve will keep the federal funds rate not just for a long time, but for a very long time. Treasury bond yields are rising, creating a serious headwind for the S&P 500. At the same time, a mass strike in the automobile industry, potential government shutdown, and the resumption of student loan payments could slow down U.S. GDP from 3.1% to 1.3% in the fourth quarter.

This image is no longer relevant

If the stock market previously rose thanks to the strength of the U.S. economy and belief in the Fed's dovish pivot, that's not the case now. The previous advantages of stock indices have been lost, which increases the risks of a correction in the S&P 500. At the same time, global risk appetite is deteriorating, and the U.S. dollar is strengthening as a safe-haven asset. Should one be surprised by the coincidence of the 9-week capital outflow from the crypto market and the 9-week rally in the USD index?

Technically, the ability of BTC/USD bulls to hold above moving averages is a good sign for them. Returning to pivot levels at 26,980 and 27,160 with subsequent breakouts is a reason for buying. Conversely, a drop below 26,330 and 26,060 will open the door for selling.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

El Bitcoin se vende fácilmente

Mientras el mercado debate cómo afectará la legislación sobre las stablecoins, la reanudación de las amenazas arancelarias de Donald Trump deteriora el apetito global por el riesgo y contribuye

Marek Petkovich 13:41 2025-06-02 UTC+2

Los litigios judiciales entre Trump y las empresas sobre los aranceles influirán negativamente en los mercados (existe la probabilidad de que continúe la caída del precio del Bitcoin y del Litecoin)

Los mercados mundiales siguen bajo la fuerte influencia de los acontecimientos que ocurren en Estados Unidos, que tanto en el ámbito político como en el económico se comportan como

Pati Gani 12:57 2025-05-30 UTC+2

Análisis del par GBP/USD. El 30 de mayo. La justicia prevaleció, ¿pero por cuánto tiempo?

El par de divisas el par GBP/USD el jueves se consolidó por debajo de la línea media móvil, mientras que el dólar creció durante tres días consecutivos. Sin embargo, todo

Paolo Greco 07:40 2025-05-30 UTC+2

Análisis del par EUR/USD. El 30 de mayo. Jaque a Donald Trump.

El par de divisas EUR/USD continuó un débil movimiento descendente durante la primera mitad del jueves, pero en la segunda mitad se disparó bruscamente al alza. Vimos un fuerte estallido

Paolo Greco 07:40 2025-05-30 UTC+2

Análisis del par GBP/USD. El 27 de mayo. La libra esterlina se mantiene estable.

El par de divisas GBP/USD continuó su movimiento alcista el lunes. Es importante señalar de inmediato que la situación con el euro es bastante complicada e inestable. El euro

Paolo Greco 07:28 2025-05-27 UTC+2

Análisis del par EUR/USD. El 27 de mayo. El presidente dijo, el presidente cambió de opinión.

El par de divisas EUR/USD reanudó su movimiento alcista durante la sesión del lunes desde la apertura del mercado. Otra caída del dólar estadounidense la semana pasada fue provocada

Paolo Greco 07:28 2025-05-27 UTC+2

El caos en los mercados continuará (hay probabilidad de una continuación de la caída local del #USDX y del precio del oro)

Los mercados continúan actuando a ciegas en medio de las acciones caóticas de D. Trump, quien intenta sacar a EE.UU. de la más profunda crisis integral como el barón

Pati Gani 11:26 2025-05-23 UTC+2

Análisis del par GBP/USD. El 22 de mayo. El mercado vuelve a responder sin ambigüedades a Trump.

El par de divisas GBP/USD continuó su movimiento hacia el norte el miércoles, aunque a primera vista no había razones claras para ello. Sí, el nivel de inflación (el único

Paolo Greco 07:12 2025-05-22 UTC+2

Análisis del par EUR/USD. El 22 de mayo. Un nuevo golpe al dólar: «One big beautiful bill act».

El par de divisas EUR/USD continuó su movimiento ascendente durante el miércoles. El dólar estadounidense lleva cayendo sin pausa por más de una semana, algo que no sucedía en todo

Paolo Greco 07:12 2025-05-22 UTC+2

El Bitcoin se convierte en víctima de estafadores

La confianza en el mundo financiero no solo puede perderla el dólar estadounidense. La información sobre el robo de datos de aproximadamente 197 mil clientes de Coinbase, la mayor plataforma

Marek Petkovich 14:05 2025-05-19 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.