Bitcoin all-time high expected, but not before a pullback

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Bullish sentiment continues to grow after the price of bitcoin broke above $ 57,000 on Monday. BTC has risen by around 3% in the past 24 hours, prolonging its outperformance against alternative cryptocurrencies.

Analysts see continued rise, with some calling for a return to an all-time high of nearly $ 63,000 this quarter.

The crypto rally is impressive because it has occurred in the face of a broader risk environment for both stocks and bonds, with crypto markets seemingly separating from equity markets, Coinbase wrote in a newsletter. last week to institutional clients. We see BTC clearly leading this market upwards, as evidenced by the dominance of bitcoin (BTC market cap relative to the total crypto market cap) reaching multi-month highs.

Initial BTC spike last week could be the result of traders taking significant positions ahead of the US Securities and Exchange Commission approval of a contract-based bitcoin exchange-traded fund (ETF) eventually, according to CoinDesks Lawrence Lewitinn.

For now, technical data suggests the current rally is due to a pullback. The recent uptrend seems exhausted, according to Katie Stockton, managing director of Fairlead Strategies. Stockton expects around two weeks of price consolidation towards $ 47,000 to $ 48,000, where the September sell has leveled off.

Latest prices

Bitcoin (BTC): $ 57,542, + 3.9%

Ether (ETH): $ 3,527, + 0.0%

S&P 500: -0.6%

Gold: $ 1,755, -0.1%

The 10-year Treasury yield closed at 1.612%

Bitcoin record at your fingertips

The options market places a 20% chance on bitcoin ending the month at a new all-time high above $ 65,000, according to data provided by Skew. BTC is currently around 10% below the all-time high of $ 64,863 reached on April 14.

Analysts expect a further rise due to the pickup in buying activity and seasonal strength in the fourth quarter.

Today’s higher leg, after a lackluster weekend session, holds the bullish technical pattern of higher lows and higher highs in place, pushing BTC towards the double top around $ 59,580 achieved in May DailyFX strategist Nick Cawley wrote in an email to CoinDesk.

The story continues

A break above $ 59,000 could bring bitcoin closer to an all-time high, as long as the decline remains capped at around $ 53,000, according to Cawley.

Crypto funds see entries

Crypto-focused funds received more than double the amount of fresh money last week compared to the week before, as bullish sentiment returned to the bitcoin market, CoinDesks Lyllah Ledesma reported.

The jump was largely fueled by bitcoin-focused funds, where inflows reached $ 225 million, the highest in five months, according to a report released Monday by digital asset manager CoinShares.

However, Ethereum-focused funds, which had gained in recent months as bitcoin funds were mostly flat or declining, recorded minor outflows last week, totaling $ 14 million. Funds focused on alternative blockchains Litecoin, Ripple and Polkadot also saw exits last week.

Altcoin balance sheet

FTX.US Launches Collectibles Branch To Boost Solana-Based NFTs: The US wing of Sam Bankman-Frieds’ crypto empire said its new marketplace, FTX NFTs, will allow users to trade, to strike, auction and authenticate Solana-based non-fungible tokens (NFTs), CoinDesks Danny Nelson reported. The prioritization of Solana’s exchanges highlights two realities: Bankman-Fried is heavily invested in the Solana ecosystem; and this ecosystem, despite being home to a handful of so-called blue chip projects, does not yet have a behemoth market for NFT trading. FTX.US says its new platform will charge 2%.

Celo Appoints Former Facebook and Bank of America Executives to Board: Blockchain payments startup Celo has appointed former Facebook executive Morgan Beller to its board alongside Jai Ramaswamy, who has previously worked at Bank of America, CoinDesks Jamie Crawley reported. Beller is the former chief strategy officer of Calibra, the Facebook affiliate created to develop the cryptocurrency project portfolio of social media giants Libra (later Diem). Ramaswamy is the chief risk and compliance officer of cLabs, the company behind the construction of the Celo blockchain.

Perpetual Exchange DeFi Futureswap Launches New Version: Futureswap has raised $ 12 million in venture capital funding from Framework Ventures, Ribbit Capital and Placeholder.vc to launch an updated version of its Ethereum-based exchange, has reported CoinDesks Helene Braun. The protocol, which leverages version 3 (v3) of the leading Automated Market Maker (AMM) Uniswap, allows up to 30x leverage on any liquidity pool. Were super excited to add this layer as a new primitive, CEO and co-founder Derek Alia told CoinDesk in an interview. The number of possibilities now is very, very cool.

Relevant Mews Other markets

Most of CoinDesk 20’s digital assets ended the day lower.

Notable Winners at 9:00 p.m. UTC (4:00 p.m. ET):

Bitcoin (BTC), + 3.9%

Filecoin (FIL), + 0.3%

Notable losers:

Algorand (SOMETHING), -6.4%

Peas (DOT), -5.6%

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