Are We Going Up Or Down in the Crypto Market?
Not only the cryptocurrency market has seen a significant pullback during this week, but also the stock market and the precious metal industry alike as we are approaching towards the "end of stimulus check time". So where are we heading now?
It is hard to answer for this question precisely, as there are both bullish and bearish indicator in play. Looking at the bearish side, the Dollar has started to show sign of life since mid September, which could potentially break out to the upside.
Source: TradingView U.S. Dollar Index
In the event of breaking the dollar towards the upside, that could lead to a sharp sell-off in all markets. Bitcoin still has not filled the CME gap yet, which usually always get filled. Concerns and fear of second lockdown lead investors to a "safe havens", currently the U.S. dollar.
However, Willy Woo who is an on-chain analyst, does not see the fundamentals of such pullback.
Turning to a rather positive perspective, according to Forbes, U.S. could see another small stimulus package before the election, which would lead to a rather bullish case for the markets. Since this news has been announced, we can see a clear recovery in the crypto market. Bitcoin's current price is at $10,650.
What do you think, are we going to turn bearish or bullish in the short run? Let me know in the comment below.
Full report from Forbes:\ and CNBC
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