In stock markets and the crypto sector, traders are always looking for a definite reason to explain an asset’s price action, which means it’s important to stress that correlation doesn’t imply causation. While it may be easy to connect a regulatory statement or pending legislation to the outcome of an asset’s price, there’s not always hard proof that these were the exact drivers. Some indicators described below may have happened due to pure luck, even if the coincidence continues throughout history. For example, Bitcoin’s (BTC) pump to $48,200 on Oct. 1 could have been related to the Sept. 30 remarks …

AXS, the native token of Axie Infinity, a play-to-earn nonfungible token (NFT) game built atop the Ethereum blockchain, rallied more than 100% on a quarter-to-date (QTD) timeframe to refresh a new record high above $155. Nonetheless, the cryptocurrency now risks paring a portion of its recent gains as a key technical indicator, dubbed the relative strength index (RSI), flashes its overbought conditions. In doing so, it might correct below $90 — almost a 40% drop. The bearish outlook surfaces after studying the relationship between AXS’s price and its RSI readings. In detail, when the RSI rallies above 70, it mostly …

Bids for Ethereum’s native token, Ether (ETH), could rise to $13,000 in the next two months if history repeats itself. Ether saw a fractal indicator from 2017, consisting of at least four technical patterns that were instrumental in pushing ETH price up by over 7,000%. The same set of bullish indicators have flashed once again in 2021 as Ether trades above $3,350 after rallying over 360% year-to-date. The 2017 Ether fractal, explained In detail, the four technical indicators are the relative strength index (RSI), stochastic RSI, bullish hammer and a Fibonacci retracement level. It started with the bullish hammer’s occurrence …

On Oct. 1, the cryptocurrency market experienced a 9.5% pump that drove Bitcoin (BTC) and Ether (ETH) to their highest levels in 12 days. A variety of reasons have been attributed to the price move, including the United States consumer price index, exchanges' diminishing supply and a "cup and handle" bullish continuation chart formation. Traders are not likely to find an explanation for the sudden move, apart from investors regaining confidence after the Sept. 19 drop was attributed to contagion fears from China-based property developer Evergrande. The Ethereum network has been facing some criticism due to the $20 or higher …

Ethereum’s native token, Ether (ETH), has the potential to double its market valuation in the coming months, thanks to a confluence of supportive technical and fundamental indicators. Ether's price soared by more than 9% on Oct. 1 to hit nearly $3,300 for the first time in 10 days. Its gains surfaced primarily in the wake of a price rebound across all the top cryptocurrencies, including Bitcoin (BTC), which gained 9.5% to hit $48,000, its highest level in 10 days. Ether-Bitcoin correlation against rising U.S. inflation Oct. 1’s crypto market boom coincided with the release of the United States Commerce Department’s …

Bitcoin (BTC) failed to break the so-called September curse, with its price falling by a little over 7% into the month despite a strong rebound rally right ahead of its close. Nonetheless, Bitcoin looks to be making a comeback in October, a month known for painting aggressive bullish reversals. Bybt data shows that Bitcoin has closed October in profit the majority of the time since 2013 — with a success rate of over 77%. Last year, the cryptocurrency surged by 28% to reach levels above $13,500 after finishing September at around $10,800, following an approximate 7.5% decline. Similarly, Bitcoin climbed …

Bitcoin (BTC) looks to reclaim $45,000 on Oct. 1 as the United States dollar retreated lower after hitting its one-year high. Bitcoin’s tight inverse correlation with the greenback over the past month suggests that a weakening dollar could push BTC’s price even higher in the coming sessions. Dollar drops following labor market shock In detail, the U.S. Dollar Index (DXY), which measures the dollar’s strength against a basket of six foreign currencies, including the euro and sterling, hit 94.50 Thursday for the first time since Sept. 28, 2020. But it retreated on news of rising U.S. jobless claims against the …

Last week, China’s heavy-handed crackdown on crypto trading briefly sent shockwaves across the market as Bitcoin (BTC) and altcoin prices saw a sharp drop following the announcement, but as is the case with all things crypto-related, the market bounced back as resilient traders found other ways to participate in the market. Part of China’s goal in limiting citizens' ability to trade cryptocurrency seems focused on discouraging the use of cryptocurrencies and the growing decentralized finance (DeFi) ecosystem, but these maneuvers appear to be having the opposite effect, as the token price and protocol activity for projects like Uniswap and dYdX …

Bitcoin (BTC) has been trading in a descending pattern since the strong $53,000 rejection that occurred on Sept. 7, and the $3.4-billion futures contracts liquidation along with China’s ban on crypto trading appear to have severely impacted traders’ morale. Adding to the negative sentiment, major crypto exchanges such as Binance and Huobi halted some services in mainland China, and some of the largest Ethereum mining pools, like SparkPool and BeePool were forced to shut down completely. Based on the above chart, it is possible to understand why buyers placed 80% of their bets at $44,000 or higher. However, the past …

Ether (ETH) price has seen quite a bit of volatility lately and to the surprise of many traders, the $4,000 level continues to present considerable resistance. Currently, the price is respecting the upward channel, which started in August. But every time the support is tested, the risk of an aggressive correction increases. With that in mind, the $340 million options expiry on Oct. 1 will likely be dominated by neutral-to-bearish put options. Bulls placed larger bets for the expiry but it appears that they were too optimistic for Oct. 1, so their $215 million call (buy) options are getting closer …

An on-chain study released by Kraken Intelligence highlights strong accumulation behavior among Ethereum miners even as they faced the prospects of generating lower revenue following a major network upgrade on Aug. 5. Ethereum miners accumulated an additional 2 million Ether (ETH), worth $6.1 billion, after the so-called London hard fork’s activation. The latest bout of accumulation caused miners’ net Ether holdings to hit an all-time high of 22.3 million ETH (worth nearly $70 billion), which is almost 19% of the total Ether supply. “ETH accumulation was stagnant for most of the summer before picking up speed in July in spite …

Decentralized exchange dYdX's native token DYDX surged by nearly 80% this week as traders assessed its potential against China's recent ban on crypto transactions. The DYDX price hit a new high of $26.50 on the FTX exchange after trading at around $13 a week ago. The China ban was an apparent boost for the dYdX decentralized exchange (DEX) that offers perpetuals, margin and spot trading, as well as lending and borrowing services to its users. Holding DYDX gives owners the right to propose and vote on changes to dYdX's layer 2 protocol. DYDX stakers receive rewards by depositing to the …