LAST WEEK RECAP:
Fed cuts rates by 50 bps at September 2024 meeting.
Bank of Japan keeps the rate on hold.
SEC approves BlackRock's spot Bitcoin ETF options.
Binance Founder CZ is to be released on September 29.
MicroStrategy bought another $458M BTC last week. Currently, it holds 252,220 BTC, which is averaging $39,266.
Trump buys burgers with Bitcoin at New York City crypto bar.
Harris vows to support AI and crypto industries in a NYC fundraising pitch.
LEGACY MARKETS – DXY
DXY is still consolidating on a range low. With the first rate cut expected this week, volatility will likely pick up.
LEGACY MARKETS – VIX
VIX is lingering at lower levels but still not breaking down fully to 12-14 levels.
BTC WEEKLY VIEW
BTC is about to break market structure for the first time since March. Above 65k, it would be a technical trend reversal.
ETH WEEKLY VIEW
ETH has finally found relative strength, with ETH/BTC even going up when BTC was also going up. However, the ETF inflows are still very low relative to the BTC inflows.
ETH/BTC
ETH/BTC has reclaimed the August lows and is seemingly finally reversing, which should be a positive for the entire alt market.
TOTAL3 USD MARKET STRENGTH
Alts are still building a big base, and some select ones are already rallying. For now, liquidity still centers around select alts.
TOTAL3 BTC MARKET STRENGTH
TOTAL3/BTC is still stable but failing to pick up momentum. However, some select outliers have been rallying. With ETH/BTC starting to reverse TOTAL3/BTC, it will likely also pick up soon.
SUMMARY
ALT/BTC pairs are showing a lot of relative strength. With Q4 seasonality-wise being strong months for altcoins, it seems they’re setting up to repeat that.
If BTC can break over 65k, it will finally reverse the market structure and accelerate the market even more.
DISCLAIMER:
The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.
This post was prepared by Kairon Labs Trader Patrick Li and Joshua Van de Kerckhove
Edited by: Marianne Dasal
