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Stocks may push Bitcoin to $10.8K


09 Sep 2020

#Bitcoin

The U.S. dollar currency index caps six days of gains with fresh resistance, while stocks could give Bitcoin a fresh boost, says Michaël van de Poppe. Bitcoin (BTC) may get a “relief” rally closer to $11,000 as stock markets recover and concerns remain over the U.S. dollar.

In a tweet on Sep. 8, Cointelegraph Markets analyst Michaël van de Poppe said that macro movements could serve to strengthen BTC/USD.

BTC price may fill the upper futures gap first


The rebound would follow testing times for Bitcoin, which has repeatedly dipped below $10,000 support since Friday. In line with long-term trends, the largest cryptocurrency could benefit from a shift in macro sentiment.

“Futures bounce back significantly in the U.S. Europe also bouncing back up,” Van de Poppe wrote.  “Might signal a slight relief on $BTC as well towards the area of $10,600-10,800.”

Van de Poppe previously warned that Bitcoin was not at the pit of its bearish streak, and could still fall below recent lows to hit $9,500 — filling a lower “gap” in CME Group’s Bitcoin futures market.

A rise to $10,600 would also constitute a gap fill, this having appeared over the weekend. So far, BTC/USD has failed to climb above $10,400.

Not everyone was as optimistic about the short-term prospects. Highlighting recent chart action, veteran trader Peter Brandt described both BTC and Ether (ETH) as “flagging.”

Broker: USD gains “possible bull trap”


While progress in Bitcoin since April has begun to disappoint Brandt, so USD continues to give bearish signals to market commentators despite recent strength. Bitcoin’s 15% plunge last week coincided with gains in the U.S. dollar currency index (DXY). Going forward, however, a mixture of Federal Reserve inflation policy and money printing is set to undermine its strength.

According to forex broker FxPro, the dollar must hit much higher levels against major currencies — the euro, pound sterling and Swiss franc — to exit its protracted breakdown.

“Without accelerated growth of the Dollar and the above levels being reached, we remain within the weakening pattern with short corrections,” it warned on Wednesday.

DXY appeared to cap its six-day winning streak on the day, hovering at near 93.6. FxPro additionally said that the gains may in fact constitute a “bull trap” — meaning that a bigger retreat may follow, wiping out progress.

Source


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 70% 54 $57 166.61 -2.12% 4.10% $1 127 329 545 211 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 44 $3 070.99 -2.25% 5.46% $369 167 217 266 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000049 0.01% 0.03% $112 374 361 210 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 76% 48 $520.64 -2.29% 9.38% $76 837 630 350 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 80% 32 $135.42 -5.31% 5.44% $62 826 709 699 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.2% 2 $0.999910 -0.01% -0.01% $33 964 017 448 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 76.4% 40 $0.470631 5.59% 14.50% $26 263 748 545 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 84.4% 23 $7.25 1.44% 7.18% $18 165 807 254 TON 7 days price change
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11 TRON (TRX) TRX TRON predictions 78.4% 33 $0.135897 1.12% 11.14% $11 841 337 472 TRX 7 days price change
12 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
13 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 96% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 94% 2 $65 806.83 0.78% -2.68% $10 083 957 608 WBTC 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 56 $25.01 -2.50% 5.21% $9 864 855 649 AVAX 7 days price change

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