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Cryptocurrencies Decline Despite Stock Market Sell-Offs

Bitcoin's stability amid stock market decline raises questions about its correlation with the Dollar Index.

Major cryptocurrencies experienced a notable decline in value on Wednesday evening. This occurred despite the sharp sell-offs in equity markets.

Major cryptocurrencies experienced a notable decline in value on Wednesday evening. This occurred despite the sharp sell-offs in equity markets. JAKUB PORZYCKI/GETTY IMAGES  

Cryptocurrency

Gains +/-

Price (Recorded 9:30 p.m. EDT)

Bitcoin (CRYPTO: BTC)

-1.39%

$26,217

Ethereum (CRYPTO: ETH)

-0.92%

$1578

Dogecoin (CRYPTO: DOGE)

-0.99%

$0.060

IntoTheBlock reported that the steady price movement of Bitcoin is particularly noteworthy given the recent stock market decline. The analytics firm highlighted one possible factor contributing to this stability: the correlation between Bitcoin and the Dollar Index (DXY) has dropped to zero, indicating no relationship between the two.

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Top Gainer (24 Hour)

Cryptocurrency

Gains +/-

Price (Recorded 9:30 p.m. EDT)

Curve DAO

+10.75%

$0.5242

Aptox

+4.40%

$5.34

Axie Inifinty

+3.01%

$4.57

Major cryptocurrencies experienced a notable decline in value on Wednesday evening. This occurred despite the sharp sell-offs in equity markets. JAKUB PORZYCKI/GETTY IMAGES  

Currently, the global crypto market capitalization stands at $1.06 trillion, a 0.41% decrease in the last day.

Stock futures showed a minor upward movement in overnight trading on Sunday, signaling the start of the final week of trading in September. Both S&P 500 futures and Nasdaq 100 futures edged up by 0.2%, suggesting a potential recovery after significant losses.

See More: Best Cryptocurrency Scanners

Analyst Notes

According to crypto analyst Michael Van de Poppe, the total market capitalization for #Crypto is currently testing the resistance level of the 200-week EMA.

 “I think it’s just a matter of time until we flip above it. Probably 1-2 weeks if Ethereum ETF Futures could be approved and Uptober begins,” he said.

 

Total market capitalization for #Crypto fights the resistance here of the 200-Week EMA.

I think it’s just a matter of time until we flip above it. Probably 1-2 weeks if Ethereum ETF Futures could be approved and Uptober begins. pic.twitter.com/UyKNjgUgf1

— Michaël van de Poppe (@CryptoMichNL) September 21, 2023

 

 

Crypto Tony predicts a macro outlook for the Bitcoin market. According to his roadmap, he anticipates a drop in Bitcoin’s price to $20,000, which he believes will mark the bottom for altcoins. The rest of his analysis relies on resistance levels and historical patterns from previous cycles and bull markets.

Pseudonymous analyst  Rekt Capital said Historically, the month of October has proven to be very favorable for Bitcoin. However, in the context of the similarities between the current year (2023) and 2019, it is surprising that there has been relatively little attention given to the potential for a price reaction akin to what was observed in October 2019.

The analyst believes that in October 2019, the price of BTC only rallied by 10%. If Bitcoin were to experience a similar 10% rally in October 2023, it would bring the price back to around $29,200.

“In such a scenario, BTC could form a long upside wick beyond the Lower High resistance (yellow) before potentially rejecting once again to confirm this current move as a relief rally.”

#BTC 

Historically, October tends to be a very positive month for Bitcoin

But given how similar 2023 has been to 2019…

It’s surprising how little attention has been given to the possibility of seeing a 2019-like October price reaction next month

In October 2019, $BTC… pic.twitter.com/vQavMMHgCn

— Rekt Capital (@rektcapital) September 22, 2023

Produced in association with Benzinga

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