Good evening everyone, here we go for another Daily Report!
Bitcoin currently traded at $27.250 USDT. On the daily chart, after spending a considerable time in sideways price action at $26.800 range, there is a nice improvement.
Yesterday I saw a X post from @skew, a prominent quantitative analyst, saying there was not much to expect before the asian Market opening, or the US Market tomorrow. There was just a huge buyer, probably an algo. I believe this idea since, the price shot up exactly a bit above the 200MA, as seen in the chart. Definitely a good reference for traders to establish targets.
In my opinion, the market remains optimistic as SEC decided not to appeal on Grayscale’s case, increasing the chance to convert their ETF fund to a SPOT ETF, paving the way for successful applications for such funds coming from huge wealth management groups like Blackrock, Fidelity and many others.
Observers are trying to time the exact moment these applications would be approved, also correlating with Bitcoin’s halving. If these events coincide with a pivotal move from the Federal reserve regarding interest rates cut, there’s a chance for a proper bull run next year.
I’m still concerned about the outcome of the midwest conflict, the last thing we need now is another long war, so I’m hoping for a cease fire soon. Ukraine war was already too bad for the crypto market.
About prices, Bitcoin is +1.69%, BNB following, now traded at $210 USDT, Ethereum a bit slow today, just +0,59% at $1.563,00.
USTC +4,45%, REEF finance also doing well +4,00% at $0,001298 USDT
Many altcoins posting gains between 1% and 2% on average.
REQ, MLN, ORN and OOKI are correcting today between -3,35% and 4,71%.
A few top pics to support my ideas:
https://x.com/52kskew/status/1713485793854136541?t=GbhXpeXkCGtoDSb3iAdnEg&s=08
https://twitter.com/52kskew/status/1713665720507342948?t=edsmRSzl2GcVvBn_8cKU6A&s=19
https://cryptoticker.io/en/grayscale-etf-boost-bitcoin-moonshot/