Crypto and stock markets corrected as traders grew nervous ahead of Wednesday’s FOMC minutes, but the real stress point is whether traders will “buy the dip.”
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Crypto and stock markets corrected as traders grew nervous ahead of Wednesday’s FOMC minutes, but the real stress point is whether traders will “buy the dip.”
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Bitcoin and altcoins met selling at key overhead resistance levels and investors are unsure whether traders will buy the current dip.
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Bitcoin price is targeting $25,000 and holding this level could trigger breakouts in ADA, UNI, LINK and CHZ.
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Bitcoin and many altcoins are carving out bottoming patterns as sentiment across the crypto and equities markets continues to improve.
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After Aug. 10’s neutral CPI print, Bitcoin and altcoins are attempting to flip stiff overhead resistance levels to support in order to prepare for the next leg up.
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Bitcoin price aims to break from its current range and flip $24,000 to support, while altcoins are following the upside move by attempting to confirm their bottoming patterns.
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As the global economy moves into a recession in the second half of 2002, Bitcoin will likely rally alongside gold and treasury bonds, according to Mike McGlone, a senior commodity strategist at Bloomberg.
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Select altcoins such as FLOW, THETA, QNT, and MKR could rally if Bitcoin breaks above the stiff overhead resistance at $24,668.
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Bitcoin and most major altcoins have bounced off their strong support levels and may challenge the overhead resistance in an attempt to resume the up-move.
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Kevin O’Leary gives his outlook on the current state of the crypto market in this exclusive live interview with Cointelegraph.
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