In the cryptocurrency world, major altcoin prices showed resistance over the weekend, with both Bitcoin (BTC) and Ethereum (ETH) holding firm above key support levels. However, the market remained somewhat stagnant due to the absence of a significant catalyst to drive price movements. This changed this afternoon. Because the Bitcoin price exceeded $ 27,000. Despite this stability, traders are carefully monitoring upcoming interest rate decisions that could potentially put downward pressure on the crypto market.
What’s next for Bitcoin?
Market data from CoinGecko revealed that the overall cryptocurrency market cap increased by a modest 0.4% over the past 24 hours. Interestingly, crypto futures liquidations fell to $48 million, marking the lowest level since mid-August. At the same time, the amount of open interest in futures contracts increased by 4%, a sign of stagnation in the market. Bitcoin was trading just below the $26,700 level in afternoon trading in Asia on Monday, while Ethereum reached $1,630 with a minimal gain of 0.5%. The CoinDesk Market Index (CMI) rose 0.3%, reflecting relatively lower gains among alternative cryptocurrencies.
Contrary to overall stability, Toncoin (TON) has experienced a 1% decline in the last 24 hours. This decline follows a significant 40% increase in the previous week, triggered by Telegram’s announcement to integrate a TON-based application into its platform. However, beyond the crypto world, investors are closely monitoring developments in traditional financial markets. In particular, the interest rate decisions of central banks in both the UK and the USA are expected to have an impact on the cryptocurrency markets. Simon Peters, market analyst at investment platform eToro, expressed his opinion on the subject as follows:
Markets could be on edge over the next few days as we await key data from the UK and the US and the central banks of both countries announce new interest rate decisions later this week. Since crypto assets, like other risk assets, are sensitive to interest rate expectations, any hardening in tone could weigh on investor sentiment.
CryptoQuant made a statement
Meanwhile, CryptoQuant, a Blockchain analysis platform, highlighted an interesting observation. Recent price movements have not significantly affected the estimated leverage on Bitcoin and Ethereum. This ratio, calculated by dividing an exchange’s open position by its coin reserve, gives an idea of the level of leverage used by traders. A constant value indicates low trading interest from futures traders. Bitcoin surprisingly surpassed the $27,000 level on September 18, reaching $27,006 with a significant 24-hour increase of 1.53%. This development was reported by BlockBeats and added a glimmer of excitement to the crypto market amidst the anticipation of upcoming interest rate decisions.
