Crypto Market Pulse - September 23, 2024

Crypto Market Pulse - September 23, 2024 | Kairon Labs
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Crypto Market Pulse

LAST WEEK RECAP:

  • Fed cuts rates by 50 bps at September 2024 meeting.
  • Bank of Japan keeps the rate on hold.
  • SEC approves BlackRock's spot Bitcoin ETF options.
  • Binance Founder CZ is to be released on September 29.
  • MicroStrategy bought another $458M BTC last week. Currently, it holds 252,220 BTC, which is averaging $39,266.
  • Trump buys burgers with Bitcoin at New York City crypto bar.
  • Harris vows to support AI and crypto industries in a NYC fundraising pitch.

LEGACY MARKETS – DXY

Crypto Market Pulse: September 23, 2024: Kairon Labs Crypto Market Insights - DXY

DXY is still consolidating on a range low. With the first rate cut expected this week, volatility will likely pick up.

LEGACY MARKETS – VIX

Crypto Market Pulse: September 23, 2024: Kairon Labs Crypto Market Insights - VIX

VIX is lingering at lower levels but still not breaking down fully to 12-14 levels.

BTC WEEKLY VIEW

Crypto Market Pulse: September 23, 2024: Kairon Labs Crypto Market Insights - BTC

BTC is about to break market structure for the first time since March. Above 65k, it would be a technical trend reversal.

ETH WEEKLY VIEW

Crypto Market Pulse: September 23, 2024: Kairon Labs Crypto Market Insights - ETH

ETH has finally found relative strength, with ETH/BTC even going up when BTC was also going up. However, the ETF inflows are still very low relative to the BTC inflows.

ETH/BTC

Crypto Market Pulse: September 23, 2024: Kairon Labs Crypto Market Insights - ETH

ETH/BTC has reclaimed the August lows and is seemingly finally reversing, which should be a positive for the entire alt market.

TOTAL3 USD MARKET STRENGTH

Crypto Market Pulse: September 23, 2024: Kairon Labs Crypto Market Insights - TOTAL3/USD

Alts are still building a big base, and some select ones are already rallying. For now, liquidity still centers around select alts.

TOTAL3 BTC MARKET STRENGTH

Crypto Market Pulse: September 23, 2024: Kairon Labs Crypto Market Insights - TOTAL3/BTC

TOTAL3/BTC is still stable but failing to pick up momentum. However, some select outliers have been rallying. With ETH/BTC starting to reverse TOTAL3/BTC, it will likely also pick up soon.

SUMMARY

  • ALT/BTC pairs are showing a lot of relative strength. With Q4 seasonality-wise being strong months for altcoins, it seems they’re setting up to repeat that.
  • If BTC can break over 65k, it will finally reverse the market structure and accelerate the market even more.

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post was prepared by Kairon Labs Trader Patrick Li and Joshua Van de Kerckhove.

Edited by: Marianne Dasal

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