A Bitcoin on a reflective surface
The crypto market just saw a relief rally after more than a week of corrections and sideway movements and Bitcoin has reclaimed $114,000.
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Data from Coinmarketcap on 27 October shows that the coin is trading safely above $114,000 following the rally, which is a significant jump considering how long it has been under $111,000.
However, the price needs to be sustained before higher prices can be reached. The question is, will this be sustained?
Relief with caution
The rise in Bitcoin’s price was a much needed relief since the market has been down for quite sometime.
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Onchain analytics firm Glassnode says the number one crypto asset is stabilizing with reducing sell pressure, but caution must be exercised.
This is because of the reduced activity and selective participation which means the market may trend sideways until big demand comes in.
A major factor that could also influence the outcome for Bitcoin is the Federal Open Market Committee (FOMC) meeting coming up later this week.
Investors could be waiting for the outcome of the meeting from the sidelines to decide whether or not to enter the market.
If the committee announces a rate cut, investors will be encouraged to buy more of the coin but if there’s no rate cut, the market may see some more downside as investors will be discouraged from risk assets.
Altcoins following
As Bitcoin recovered some of its lost gains, altcoins also made some impressive recovery with several of them even gaining more than Bitcoin.
Ethereum which is the second largest crypto by market cap has gained 1.84% in the last 24 hours, ahead of Bitcoin which only has 1.01% at the time of this report.
It is expected that the FOMC announcement this week will further influence the market and investors are looking forward to a rate cut which will be a big plus.
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