HODL Bitcoin – El Salvador is a country that is very well-known for its involvement in cryptocurrencies, but it is not alone. In fact, Bhutan has no less than twice as much BTC as El Salvador (that’s $763 million in crypto).
The king of cryptocurrencies is back once again above $60,000. Is this time the right one for BTC? Investors seem to be betting on Bitcoin again, and the correlation between NASDAQ and BTC is bullish! Let’s see it all in today’s newsletter!
BTC price up ahead of Fed meeting (+3%)
The Fed is scheduled to meet today to decide on rate cuts. This is a event considered bullish by the operators, and that is why investors bet on the king of crypto. Be careful, because the volatility should be present around the announcement! In any case, the Bitcoin price climbs by 3% in 24 hours :
| Pair | 1H | 24H | 7J | 1M | 3M | 6M |
|---|---|---|---|---|---|---|
|
BTC/ETH |
-0.35% | 1.91% | 7.21% | 16.95% | 42.21% | 38.56% |
|
BTC/USDT |
-0.02% | 3.14% | 6.76% | 2.99% | -7.45% | -8.56% |
Bitcoin performance against different pairs. Source: Coincheckup
Thanks to this bounceBTC is up nearly 7% in one week and of 3% in one month. Despite everything, BTC still shows red over six months (-8.5%). For its part, the BTC/ETH pair climbs by 2% in 24 hours and of 7% in one week.
NASDAQ is strong, so Bitcoin could benefit?
On-chain and technical analysts are looking for theindicator that could allow us to better understand the direction of Bitcoin. However, if we look at the graph shared by Axel Adler, a verified author on CryptoQuant, we see that the NASDAQ and Bitcoin prices have been highly correlated since 2020 :
Since July 2023, the 90-day and 365-day moving averages are trending upwards. This indicates that theindex is bullish According to this indicator, and despite a fall at the beginning of the summer for the NASDAQ, the price has rebounded at the 90-day moving average level. This is a clearly positive element for Bitcoin who seems to be closely following the movements of the NASDAQ for several years. It should be kept in mind that the Bitcoin is the leader of cryptobut on the scale of traditional finance, it remains a recent and therefore risky asset. But a Fed rate cut could give confidence to investorsand the BTC could benefit from this in the medium to long term.
Bitcoin price climbs back above $60,000
THE bullish movement yesterday allowed the BTC to find the $60,000and of break the bearish trendline. Under these conditions, bullish volatility tends to take hold. But for this to happen, it will be necessary hold support at $59,000 :
The course could lean on the supportTHE institutional bias (EMA 9/EMA 18) bullish and the bearish trendline to return to the height of the $61,500. If buyers push, a back to $63,500 is possible. On the other hand, if the course loses $59,000he could join the next support at $57,000. BTC is showing ascending lows and highs since the last low at $52,500we should continue with this dynamic. The RSI is back on the bearish trendlineA rejection could happen. To find a bullish and clear momentumit would be necessary to close beyond 70.
Bitcoin’s price continues its rebound as the Fed meeting approaches, and the correlation with the NASDAQ allows for optimism. The Fed is expected to initiate a first rate cut, and this is considered bullish for risk assets like BTC. Volatility should therefore be present on September 18, and traders will have to watch out for a possible “sell the news”. To continue its rebound, the king of crypto will have to hold the 4H support at $59,000.
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