Dollar

bullish

Bitcoin

Reserve

According to a report published by K33 Research, Bitcoin may have potentially found a bottom as bearish sentiment and macroeconomic uncertainties weigh heavily on both crypto and traditional markets. According to the report, analysts expect BTC to move upwards from now on.
Analysts Vetle Lunde and David Zimmerman highlighted that negative sustained funding rates in the Bitcoin market could be an indicator of future price recovery.
Bitcoin has faced downward pressure in recent weeks due to economic concerns, including potential Federal Reserve rate cuts and weak U.S. jobs data. This has led to widespread risk aversion in financial markets, with the S&amp;P 500 and Nasdaq also recording negative returns in early September.
K33 noted that the correlation between Bitcoin and the S&amp;P 500 has risen to a 23-month high of 0.67, suggesting that crypto markets are becoming increasingly sensitive to broader economic events.
Major data points such as today’s US Consumer Price Index (CPI) data and the Federal Open Market Committee (FOMC) meeting on September 18 are expected to significantly impact the crypto market.
Related News: <a href="https://en.bitcoinsistemi.com/breaking-us-inflation-data-announced-what-was-the-first-reaction-of-bitcoin-btc-and-dollar-dxy-2/" target="_blank" rel="noopener noreferrer nofollow">BREAKING! US Inflation Data Announced! What Was the First Reaction of Bitcoin (BTC) and Dollar (DXY)?</a>
One of the key signals discussed in the report is persistent negative funding rates in the perpetual swap market. The 30-day average funding rate has turned negative for the seventh time since 2018, a development that has historically coincided with market bottoms for Bitcoin.
K33’s data shows that the 90-day average return after funding rates turned negative was 79% and the median return was 55%, offering a potentially bullish outlook for the coming months.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/has-a-bottom-been-found-in-bitcoin-here-are-k33-analysts-views-on-the-subject/" rel="noopener noreferrer nofollow">Has a Bottom Been Found in Bitcoin? Here Are K33 Analysts' Views on the Subject</a>

Has a Bottom Been Found in Bitcoin? Here Are K33 Analysts' Views on the Subject

Bitcoin Sistemi EN

Other articles published on Sep 11, 2024

Ancient Bitcoin Wallet Sees Epic Awakening After 11 Years of Dormancy

Top NFT Projects to Invest in 2024

UK presents bill to recognize crypto as personal property

Investment Bank Jefferies Publishes Bitcoin Mining Report

Indonesian crypto exchange Indodax hacked, issues advisory

X Empire Launches NFT Vouchers for Pre-Market Token Access

Join our free newsletter for daily crypto updates!