Daily Review
- Crypto market capitalization: $0.979 trillion (+$48 billion);
- Dominance: BTC - 39.8%, ETH - 17.7%;
- Index of fear and greed: 33 (fear) against 20 the day before.
Bitcoin on Tuesday, October 25, at the end of the day, bitcoin rose by 3.88%, to $20,080. The price rose to $20,416. In the American session, the dollar index fell, stock indices rose. The S&P500 rose 1.07%, the Nasdaq 2.25%. After testing the $20,000 level, the position of buyers has noticeably increased. Nobody prevented buyers from gaining a foothold above $20,000 on Monday.
Recent economic data are starting to signal that the Fed's monetary tightening is putting pressure on the US economy, leading investors to speculate about a reduction in the rate hike step at the December 14 meeting.
Buyers passed two levels $19707 and $19952 (fractals). It remains to pass the last resistance of $20,500 in order to head towards the $22,500 - $22,600 zone. The S&P500 index recovered 10% from the low of October 13, the bitcoin rate - by 11.3%. According to the S&P500, within the correction, the reserve is approximately 7%. For the rally of indices and bitcoin to continue, the DXY index and 10-year bond yields need to fall. To do this, we follow the support of 110.35 points on the dollar index. As soon as it ceases to be relevant, we expect an acceleration in risky assets.
The ETH/USDt pair has broken the trend line (originates from the top of 2030) at $1420. After the breakdown, the price rose to $1525. The technical picture is favorable for the continuation of the upward movement to the level of $1650. The growth of the ETH/USDt pair is helped by the rise of the ETHBTC pair.