The king of cryptocurrencies has once again surpassed $28,000 while this article was being written. After a loss of about $1, BTC is turning around. However, the negative opening of the US markets can be concerning as the rise has just begun. So, what is the current situation in the markets?
Bitcoin price is finding buyers at $28,036 as this article is being written. The cumulative value of cryptocurrencies is at $1.09 trillion and the volume remains at $24 billion. BTCD was about to exceed the 50% limit due to altcoins struggling to recover after the recent drop.
There is also good news, for example, the ADP data released yesterday indicates a slowdown in employment. This data could even lead to the postponement of the interest rate decision on November 1st, as it came well below expectations. The upcoming TDI data on Friday is also considered a leading indicator, positively influencing investor sentiment.
On the other hand, since August, Oil has fallen below $85 for the first time. This will have a positive impact on inflation along with the decrease in fuel prices. The biggest positive developments that will boost investor sentiment are coming this week.
The US dollar index (DXY) was sailing in dangerous waters. The rejection that came from the 107.35 region has temporarily relieved investors. However, we need to see closures below the 106 level to say that the index has made a clear turnaround. If it loses 105.65, then it can ignite a strong recovery in risk markets.
Finally, the BTC price needs to convert $28,143 into support.