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Bitcoin and Equities surged in Q3, despite the usual September downturns.
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Risk-on attitude increases as hedge funds favor IT shares and China boosts its property support.
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Bitcoin is showing short-term weakness, but could see further gains in the future if bullish momentum returns.
Bitcoin and equities closed out the third quarterly of 2024 with strong performance, defying expectations and avoiding the usual September downturns. The S&P 500 rose 5.1% in the third quarter, its highest performance since 1997.
Bitcoin has risen by over 7% in September, making it one of the strongest September performances on record. This shows a strong sentiment, despite the concerns that linger in broader markets.
Goldman Sachs reported that hedge funds actively place three times more bets than short positions on increasing IT stocks.
Crypto Market Outlook: Will Bitcoin Maintain Momentum?
Market analysts expect equity rallies to be challenged as Q3 earnings begin in mid-October. Both Bitcoin and equities may test their high values.
Read Also: Crypto’s Correlation With Equities: A Closer Examining of Market Trends
Bitcoin, however, could benefit from any dips in equities, due to its risk-on nature, especially in the overall financial ease. Many market observers are also optimistic in the medium-term. A breakout above $70,000 would create a bullish momentum that could position Bitcoin for further gains in the months to come.
Current Market Situation and Technical Analysis
Current Market Situation and Technical Analysis
Bitcoin was trading at $63,826.43 as of press time. This represents a decrease of 2.91% over the last 24 hour period.
Read Also: Overconfidence in Bitcoin’s Rally to $70,000 Spells Warning of Massive Correction
Technically, the MACD indicator indicates a bearish cross-over, with the signal falling below the orange line. This suggests a waning bullish momentum. The MACD histogram also shows a downward trend, indicating a negative sentiment.
RSI is at 62.26. This indicates a bullish situation but also a possible overbought condition.
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