👀Welcome to This Week in Crypto!🔴
I hope you've all had a fantastic couple of weeks, and I apologize for the absence of our weekly overview due to a well-deserved holiday break. But now, we're back to keep you updated on the latest happenings in the cryptocurrency market.
Market Overview:
Bitcoin Sideways: Bitcoin continues to exhibit sideways movement, with its price showing minimal fluctuations in recent weeks.
Altcoins Under Pressure: Altcoins, on the other hand, have been experiencing significant losses in value. Many of them are retesting bear market lows, and the overall sentiment in the altcoin space is less than optimistic.
Inflation Report Drama: The recent inflation report sent shockwaves through the market. Initially, the market reacted bullishly, as many traders were shorting in anticipation of a more bearish outcome. Whales were out hunting for liquidations. However, I caution that this bullish response may be short-lived, and we might see a bearish trend emerge in the coming days.
Important Macro News:
Keep an eye on two crucial events that could significantly impact the crypto market:
UK and EU Inflation Reports: The upcoming inflation reports from the UK and EU are highly anticipated. If these reports show inflation rates higher than expected, it could trigger more bearish price action across the cryptocurrency market. Be prepared for potential turbulence.
FOMC interest rate meeting 20th September. The market expects another pauze, if no pauze prepare for volatility!
I still stand by my earlier notion that the remainder of the year will largely be bearish. Pre-halving years are around 6 months green, 6 months red, which means that we're due to more red months ahead.
