Financial markets started Friday on a positive note but turned negative as the day progressed due to the potential government shutdown. Despite this concern, stocks traded mixed. The S&P and Dow finished in the red, down 0.27% and 0.47%, respectively, while the Nasdaq gained 0.14%. This concluded a difficult month for the markets, with major indexes declining between 3% and 5% in September.
Bitcoin also experienced some pressure during the day, with prices falling midday before rebounding. Bitcoin futures prices were steady, with the potential for a price uptrend on the daily chart. However, there are some potential resistance levels that could hamper further gains. The 200-day moving average cloud, which has historically acted as support and resistance for Bitcoin, threatens to act as resistance once again. Additionally, Bitcoin’s short-term holder realized price is currently at $27,720, suggesting resistance in the mid-$27k range.
Despite these potential obstacles, market analysts believe there is still opportunity for Bitcoin. Rekt Capital noted that the Bitcoin Halving is in April 2024, and the next bull market peak could occur 518-546 days after the halving. This suggests that Bitcoin could peak in mid-September or mid-October 2025. TraderJ also warned of potential near-term downside after a bearish cross appeared on the 1-day chart.
In the altcoin market, the top 200 tokens had a mixed performance. Just (JST) led the gainers with a 22.1% increase, while Biconomy (BICO) led the losers with an 18.6% decline. The overall cryptocurrency market cap stands at $1.08 trillion, with Bitcoin’s dominance rate at 48.8%.
It is important to note that the views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy, but neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only and should not be considered as financial advice.
