BTC and ETH Surge After US Stock Market Winds Down

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By Degen Lipsa

Yesterday evening, the blockchain analytics company Santiment tweeted that the crypto market began to show signs of life immediately after the US stock markets closed. The tweet also noted that Ethereum (ETH), the top altcoin, had surged towards $1,900 and that Bitcoin (BTC), the market leader in cryptocurrencies, had made a move towards $28.5k.

The S&P 500 and the cryptocurrency markets have typically moved in tandem, mimicking each other’s movements. However, a recent tweet from Santiment raised the possibility that the cryptocurrency market is only beginning to decouple from the S&P 500.

At the time of publication, CoinMarketCap indicated that the worldwide cryptocurrency market had grown 2.75% over the previous 24 hours, bringing the total to over $1.18 trillion. In addition, over the past 24 hours, the values of both BTC and ETH have increased.

BTC is now trading at $28,382.50 after rising by 3.41% over the previous day. The price of ETH is currently $1,868.73 after increasing by more than 2% during the previous 24 hours. The price of BTC came very close to crossing $28.5k and reached a 24-hour high of $28,463.48, but it has since significantly declined to its current position. ETH also only managed to rise as far as $1,880.17 over this time.

In related news, over the past week, the price of BTC has fallen below both the 9-day and 20-day EMA lines. However, the cryptocurrency’s recent recovery has led to BTC’s price trading back above the 9-day EMA line.

The 20-day EMA line will likely be successfully broken above in the ensuing 24-48 hours, according to the daily RSI indicator, as the line is currently sloping into overbought territory. This bullish thesis needs to hold true for the following 48 hours while BTC’s price is above the 9-day EMA line.

See original on CoinEdition

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