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TruBit Crypto Weekly Digest (09/26-10/02)
Greetings from TruBit! This month is not just another month — it's a celebration of TruBit's glorious three years in the crypto universe! Join us in celebrating three years of unmatched achievements, milestones, and exceptional successes! Let’s toast to many more years of innovation, growth, and leading the crypto revolution together!
Gear up for an exhilarating journey through the crypto cosmos from September 26th to October 2nd, 2023! Dive deep into the heart of the most groundbreaking crypto insights with us. With TruBit, you're always in the loop with the freshest and most relevant crypto intel. Don't just stay tuned, become a crypto pioneer with us! Together, let's soar to new crypto heights!
📈 Last Week's Trending Tokens to Watch(09/26 -10/02)
1. COMP/USDT 7D Change (+20.4%) 2. LINK/USDT 7D Change (+15.62%) 3. MKR/USDT 7D Change (+14.05%) 4. PEPE/USDT 7D Change (+13.27%)
💡Bitcoin & Ethereum Insights (09/26 -10/2)
- This week, Bitcoin (BTC) showed stability and successfully rose above its support levels, nearing a short-term resistance area at $27,300. It is now close to this resistance, and staying near $27,000 could signal strength in the short term.
- Looking at market trends, Bitcoin (BTC) has seen changes over the last three months but has shown recent stability. This past Thursday, it had a day of gains, recovering from six days of losses and meeting the short-term average. This pattern suggests a chance for prices to keep rising in the short term.
- For a medium-term strategy, keeping an eye on Bitcoin (BTC) and Ethereum (ETH) at lower prices, especially within the $25,000-$26,000 range. Show patience as you wait for the end of wave adjustments and the completion of the shock bottoming process. If a significant trend emerges, think about strategically augmenting your presence or partially letting go of your holdings. Once things settle and find stability after a period of consolidation, patiently wait for the right moment to make further movements.
- In the week ahead, consider arranging a safeguard for Bitcoin (BTC) at $26,300. If the value remains above this mark, think about augmenting your holdings at more favorable rates. Keep an eye out for short-term sustenance from $26,300 to $26,500 and minor obstacles at $27,500. Should a significant surge in activity occur, set your sights on the next value milestone with challenges anticipated around $28,900.
🔥 Altcoins Insights (09/26 -10/2)
- In the past few weeks, the Altcoins market has shown signs of recovery. Despite needing to break through several key resistance levels, the target remains the previous bull market's ATH. The altcoin capitalization hit a low in June 2022 at $427.75 billion, but it has not fallen lower since, and the recent chart is forming a bullish falling wedge pattern. This pattern is typically considered a trend reversal formation, indicating that the ongoing downtrend may be losing momentum.
- The breakout from the wedge has led to only the formation of a higher high, with altcoin capitalization falling again for a bullish retest of the falling resistance line. This retest is in conjunction with the validation of the horizontal support level at $494 billion. For altcoin capitalization to maintain the uptrend, the price can not fall below this support level. Key resistance levels are identified at $543 billion, $608 billion, and $657 billion, representing increases of 4%, 16%, and 25%, respectively.
🌟 What to Expect
- US: In line with predictions, the Federal Reserve has held its short-term lending benchmark steady, keeping it within a 5.25% to 5.50% bracket, consistent with the resolution from the prior meeting in September. Nonetheless, the latest Summary of Economic Predictions unexpectedly brought a more favorable view for the 2024 rates and an elevation in the rate forecast for 2025, catching the markets unprepared. Additionally, the central bank has uplifted its growth forecast, recognizing an unanticipated economic robustness. Moreover, the number of initial jobless claims reported weekly has dipped lower than anticipated, plunging to their lowest since January, which underlines the enduring strength of the labor market.
- SEC Aims to Greenlight ETH Futures ETF Prior to Potential Government Shutdown
- The SEC is allegedly looking to hasten the green light for ETH futures ETFs. As per analysts from Bloomberg, the agency is eager to resolve the matter before a possible government closure. If given the nod this weekend, the inaugural Ethereum futures fund might commence trading soon.
