Ethereum

Dogecoin

Flow

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>US Treasury Secretary Janet Yellen confirms the health of the US economy, dismissing recession fears.</li>
 <li>Bitcoin and Ethereum see slight gains, while Dogecoin leads with a 2.6% increase.</li>
</ul>
<p>US Treasury Secretary, Janet Yellen, recently reassured the public about the state of the US economy. She dismissed any signs of a possible recession.</p>
<p>Simultaneously, the crypto market has seen a slight recovery. <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> has reclaimed the $54,000 mark.</p>
<h2 id="crypto-market-gains">Crypto Market Gains</h2>
<p>All top-ten cryptocurrencies were trading in green at the time of the report. However, they did not reach their weekly highs.</p>
<p><a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> saw a minor 0.6% gain, bringing it back above $54,000. <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> followed with a 1.3% increase, trading at $2,290. Dogecoin led the top ten largest cryptos by market cap with a 2.6% gain.</p>
<p>This rebound occurred after Yellen’s comments regarding the health of the US economy.</p>
<h2 id="market-reactions">Market Reactions</h2>
<p>Yellen’s remarks have sparked various reactions within the crypto community. BitMEX co-founder, Arthur Hayes, suggested that Yellen might resort to money printing to stimulate the economy. This could potentially lead people to risk assets like crypto due to increased inflation risk.</p>
<p>Despite these gains, Bitcoin’s price still shows signs of struggle. The Bitcoin Spent Output Profit Ratio (SOPR) has remained below 1 since the beginning of the month, indicating that average investors have been selling Bitcoin at a loss. This suggests a bearish sentiment and market distress.</p>
<p>The Chaikin Money Flow (CMF) indicator also shows low buying pressure. The On Balance Volume (OBV) remains predominantly negative, indicating market weakness as selling volumes dominate.</p>
<p>However, Bitcoin may have formed an ideal entry point after testing the support at $53,469. The last time Bitcoin tested this support, it registered an 8% gain.</p>
<p>Buyers may remain hesitant as they await the release of the US Consumer Price Index (CPI) data on 11th September. If the inflation forecast of 2.6% for August is met or falls below expectations, the crypto market could rebound. Conversely, if the data suggests a weakening US economy, crypto prices could fall further.</p>

Yellen’s Optimistic Macro Outlook Fuels Crypto Market Revival: Is a Surge in Sight?

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CoinEagle.com

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