Bitcoin (BTC) Price Awaits for a Larger Move: Will PCE Rates be the Catalysts?
Bitcoin price is trading within a stagnant trend and consolidating below $20K for over a month, failing to breach these levels. Moreover, the volatility has squeezed to its maximum in the past couple of days due to which the price is not able to rise above $16,900 too. The RSI also sliced through the lower trend line and was unable to regain the levels. In the meantime, the market participants speculate a substantial uptick any time from now.
After the Consumer Price Index(CPI) and the FOMC rates, the markets may receive a significant boost with the Core Personal Consumption (PCE) which is expected to be better than before. BTC price nowadays has been heavily dependent on the macro data and the decision of the U.S Federal Reserve.
After the recent CPI data did not impact the markets as expected, which was largely neglected by the FED chair Jeremy Powell. The speculations of the ransomware attack on Haver Analytics are hovering around and hence this may be the major reason for their negligence.
A popular analyst at Funstart writes,
“We think core PCE inflation will be 0.10% compared to Cleverland Fed inflation NOW forecast of 0.26%. Any figure below 0.4% would make the #FOMC figure of 4.8% too high”
“If tomorrow’s core PCE is 4.5% or lower (~75% chance), the entire hawkish FOMC repricing is blown out – no way 4.8% core PCE in December, SEP/Dots repriced and terminals rate tumbles,”
How may this impact the Bitcoin (BTC) price?
The PCE rates are believed to be fruitful for the crypto space and to be so, the rates have to be lower than the FED’s expectations which may completely wipe out the bearish sentiment. This may display the inflation to be well in control due to which the FED may be forced to revise their predictions and take up a more dovish stand in the coming meetings.
If the PCE rates are less than expectations, it may weaken the dollar strength which may ring the alarm signals for the star crypto. Presently, the BTC price is trading around $16,800 at the moment. If the price is able to rise beyond $17,000 it may spike high to test $17,400 else drop towards the support at around $16,400.
Dogecoin Price Awaits Bullish Momentum
It’s been observed that the meme king, Dogecoin has declined faster than the two largest cryptocurrency Bitcoin and Ethereum. Since its all-time high of $0.731 which was hit in May 2021, Dogecoin has lost nearly 92% from its current price. At the time writing, Dogecoin is selling at $0.0593 after a surge of 2.57% in the last 24hrs.
No Sign Of Recovery For Dogecoin
If we just look back around March this year, it was observed that 700,000 DOGE holders had moved out of the market in just 48 hours. However, there was no particular reason sighted, still DOGE investors were slightly worried in terms of Dogecoin price.
But there was no impact found on Dogecoin price and in August DOGE settled around $0.059. Since this time the meme currency has been trading sideways. Also from August Dogecoin is struggling to reach the Fibonacci line of 23.6%.
The current trading price indicates that the immediate support lies near $0.050 and resistance is positioned at $0.065.
On the other hand the Simple Moving Average of the 50-day, 100-day and 200-day is posing a resistance for DOGE since August 2022.
It’s also important to note that there is no any development happening around Dogecoin for now hence, it all depends on the overall market performance.
Moreover, currency’s volatility is also a factor that needs to be considered. If Dogecoin’s volatility remains on a downside, then the chance for DOGE price to make any move is also reduced. At present DOGE volatility is around 52% and if the volatility has to see any upward direction then DOGE price should surge double digit.
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XRP Price Sees an Uptick, Impending Rally Awaits for the Cryptocurrency Market
While most cryptocurrencies are experiencing an outflow during this period of market turbulence, XRP is on pace to surpass all short-term barriers and reach the $0.6 level.
Since the long legal dispute between Ripple Labs and the Security and Exchange Commission (SEC) will soon come to an end, investors are encouraged to purchase XRP for the long term at a discount. The CEO of trading platform Eight and trading guru Michaal van de Poppe thinks the cryptocurrency asset might still move higher based on Bitcoin’s performance.
Poppe asserts that if the largest cryptocurrency in the world by market capitalization consolidates and rises beyond $20,000, XRP and other altcoins may also have significant breakouts.
He advised altcoin investors to get ready for an impending rally. Bitcoin may stabilize over $20,000 rather than dropping to the $12,000 to $4,000 area.
“Well, XRP has been breaking out heavily. The thing is, if Bitcoin consolidates and goes back to $20k+, it’s probably time for more of those altcoins to have big breakouts,” Poppe said in a tweet today.
In fact, XRP has seen significant growth over the last week. This comes after applications for summary judgment were formally filed by Ripple and the Securities and Exchange Commission. It became clear that the case, which has slowed XRP’s growth for more than a year, is about to be resolved.
Investors in cryptocurrencies are quickly adopting XRP, driving up the price of the currency as a result of the lawsuit’s developments that point to a possible favorable outcome for Ripple. XRP’s price increased by almost 50% over the past week, going from $0.32 to $0.55.
Additionally, because Ripple released news about the payment provider, the community’s mood is bullish. They are increasing the use cases for their On-Demand Liquidity offering, which is encouraging the market and setting the stage for a significant bull run over the next few weeks.
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Binance Coin Awaits a Trigger, Is the BNB Price Ready For a 15% Jump?
Binance coin price which currently trading at $266.11, gained 0.35% the previous day. The price has experienced a significant decline over the last 7 days, and every attempt of a rebound dragged the price lower with a large margin. While the asset is attempting to rise above the bearish influence, the bulls tend to remain passive.
A significant price drop occurred during the second week of June, with $216.39 as a support level. Prices fell below this level of support, turning it into a resistance level before finally rising to $243.41. In this case, the support and resistance levels are $216.39 and $243.41, respectively.
The initial days of August saw a price decline at the support level of $274.09. For a month, the prices varied at the same level of support. Prices quickly increased after a minor correction and eventually hit $301.0, forming new support and resistance levels at $274.09 and $301.01, respectively.
Currently, the asset is trading below $274.09. The bullish thesis will be proven false if the price drops below $243.41 and fails to hold this level. As a result, the BNB price will decline by an additional 11% and revisit the $216.39 support level, where buyers can enter and restart the uptrend.
The BNB price may return to $274.09 and, in some situations, even as high as $301.01 in order to profit from the liquidity created above these equal highs. By introducing volatility, the price of the Binancecoin price will be driven lower, giving investors the chance to launch a run-up.
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California Assembly Passed Crypto Licensing Bill, Now Awaits Governor’s Signature – Coinpedia – Fintech & Cryptocurreny News Media
The California assembly has passed a crypto regulating bill that now requires cryptocurrency-related businesses to gain a special license to offer services to users in California. The crypto bill is now in the final process of becoming law in California.
California Is Aiming For Crypto Regulation
On Monday, California Assembly member Timothy Grayson produced the bill, AB 2269, with support from the Consumer Federation of California with a 71-0 majority. The crypto bill will establish the Digital Financial Assets Law in California.
The Digital Financial Assets Law is known as California’s “BitLicense.” A simple pen stroke is left to create a full-fledged law in California. The bill now requires Governor Gavin Newsom, who has until 30 September to sign or veto the bill. California will become one of the first states to require crypto platforms to obtain a special license to offer services in the state.
What Does This Crypto Bill Say?
The crypto law will tighten crypto regulations and bring more transparency to the crypto industry in California. If the governor signs the bill, it will take effect from 1 January 2025. Companies of digital-asset exchanges will get license approval from the state’s Department of Financial Protection and Innovation.
The Department will also be allowed to enforce drastic actions against those who are unlicensed. A non-licensed corporation engaging in digital financial asset business activity will be charged a civil penalty of up to $100,000 daily. Furthermore, if a licensee breaks the rule, they will have to pay a fine of $200,000 for each day of violation.
Stablecoin issuers holding securities as a reserve must have a total amount of stablecoins not less than the amount of all outstanding stablecoins sold or issued in the United States.
Tim Grayson stated, “While the newness of cryptocurrency is part of what makes investing exciting, it also makes it riskier for consumers because cryptocurrency businesses are not adequately regulated and do not have to follow many of the same rules that apply to everyone else.”
Regulators and governments are framing crypto space. Crypto bill provides the user with more closure looks of the crypto space. However, The California BitLicense now completely depends on the governor whether to sign it or not.