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Cryptocurrency markets ticked higher on Monday as Bitcoin's performance drew attention from commentators eyeing a shift in macro sentiment.
Cryptocurrency markets saw a slight uptick on Monday, with Bitcoin's performance drawing attention from commentators who see a shift in macro sentiment.
Notable Statistics:
* Bitcoin (BTC) ticked up by 0.34% in the past 24 hours, trading at $70,133.8.
* Ethereum (ETH) rose by 0.23%, reaching $5,124.6.
* The total cryptocurrency market capitalization advanced by 0.19% to $2.76 trillion.
Notable Developments:
* Trader and crypto investor Ted Pillows observed that Bitcoin is catching up with gold's rally, while the S&P 500 continues to trend lower, suggesting that Bitcoin has started to decouple from equities.
This, he believes, signals the start of a meaningful Bitcoin rally from current levels.
BTC is now catching up with Gold rally.
The S&P 500 is still going down, which shows that BTC has started to decouple.
I think we could see a good BTC rally from here. pic.twitter.com/kri9GHysFJ
— Ted Pillow (@TedPillow) August 21, 2024
* Nebraskangooner noted that Bitcoin is "front-running" his resistance level, but a sharp intra-day sell-off has made the price action look weak.
Whether this marks a local top or just a pause depends on how the daily candle closes.
* Kevin highlighted Bitcoin's strong rejection at $88,500, which occurred right after Dave Portnoy tweeted that Bitcoin has officially decoupled from the stock market—adding an ironic twist to market sentiment.
Has crypto actually decoupled?
* Seth, a widely followed crypto trader, is known for his thesis that Bitcoin bull markets typically consist of three green annual candles.
So far, the market has printed two in this cycle, and he believes 2025 still has more to give.
💥 #Bitcoin bull market consists of 3 green annual candles. We only have 2 so far. 2025 has more to give. https://t.co/owQ2CGLgYd pic.twitter.com/H3Smtd0rEG
— Seth (@seth_vibes) August 18, 2024
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- Notification: This article contains insights from independent authors and falls outside the editorial responsibility of BitcoinMagazine.nl. The information is intended for education and reflection. This is not financial advice. Do research yourself before
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