9/2 Price Analysis: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Bitcoin and some altcoins continue to sell at higher levels, proving investor sentiment remains negative as traders continue to sell in rallies.< /p>
Price analysis
Non-farm payrolls increased by 315,000 jobs in August, down from July's increase of 526,000 jobs. The report was just below the Dow Jones estimate of 318,000 jobs and the slowest monthly gain since April 2021. The S&P 500 rose in response to the report, but then erased its gains, indicating the bears continue to sell on rallies.
That may be because the US Dollar Index (DXY), which had fallen from its 20-year high on September 1, has recouped some of its losses. Bears will need to pull the DXY lower to drive up prices in stocks and cryptocurrency markets, as the two are generally inversely correlated to the dollar index.
Daily performance of the cryptocurrency market. Source: Coin360Although Bitcoin (BTC) fell more than 70% from its all-time high of $69,000, several traders held onto their position. Data from trading analytics platform TipRanks shows that 62% of wallets have held Bitcoin for a year or more. The number of wallets holding Bitcoin for less than a month is only 6%. This suggests that investors are taking a long-term approach and holding their positions.
Could bulls push Bitcoin and altcoins above broad resistance levels? Let's study...
Bitcoin and some altcoins continue to sell at higher levels, proving investor sentiment remains negative as traders continue to sell in rallies.< /p>
Price analysis
Non-farm payrolls increased by 315,000 jobs in August, down from July's increase of 526,000 jobs. The report was just below the Dow Jones estimate of 318,000 jobs and the slowest monthly gain since April 2021. The S&P 500 rose in response to the report, but then erased its gains, indicating the bears continue to sell on rallies.
That may be because the US Dollar Index (DXY), which had fallen from its 20-year high on September 1, has recouped some of its losses. Bears will need to pull the DXY lower to drive up prices in stocks and cryptocurrency markets, as the two are generally inversely correlated to the dollar index.
Daily performance of the cryptocurrency market. Source: Coin360Although Bitcoin (BTC) fell more than 70% from its all-time high of $69,000, several traders held onto their position. Data from trading analytics platform TipRanks shows that 62% of wallets have held Bitcoin for a year or more. The number of wallets holding Bitcoin for less than a month is only 6%. This suggests that investors are taking a long-term approach and holding their positions.
Could bulls push Bitcoin and altcoins above broad resistance levels? Let's study...
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