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Bitcoin rallied above $90,000 as the US dollar index weakened, gold hit new highs and traders positioned ahead of today’s FOMC. Will a rate cut or pause extend the BTC and altcoin rally?
The Dollar Index hit a four-year low, while altcoins surged led by HYPE, JTO and Solana memecoin PIPPIN.
As Bitcoin inches towards $90K, capital has rotated into altcoins, resulting in weekly gains between 30% and 56%.
Avalanche (AVAX) is the latest altcoin to get a spot ETF, allowing investors to gain exposure to the token alongside traditional equities.
Traders continue to defend the lowest support levels in Bitcoin and altcoins, but sellers at the range highs and declining sentiment across the market may complicate a quick recovery.
Crypto ETPs reversed course last week, with outflows led by Bitcoin and Ether as bearish sentiment outweighed inflows into altcoins such as Solana.
Investors appear to be rotating to silver from gold, right as both surge to new highs, in a trend that echoes past altcoin seasons.
Bitcoin and ether were little changed alongside softer U.S. equity futures as investors leaned risk-off. Some altcoins bucked the trend due to thin liquidity.
Technical charts highlight improving fundamentals in Bitcoin and select altcoins, but bears selling the range highs and softening investor sentiment threaten to snuff out the recovery.
Bitcoin consolidated after a sharp Tuesday selloff alongside a broader risk-off move in equities, while altcoins suffered deeper losses in light of elevated volatility.
