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A local bullish trend is developing in the cryptocurrency market. This became possible due to the confident dynamics of the main cryptocurrencies, including bitcoin. According to market analyst Mikael van De Poppe, if the flagship digital asset is able to hold the $19,000 demand area, then limited appreciation of the coin can be expected in the near future.
A similar opinion is shared by expert Josh Ranger. Yesterday, on September 29, the expert published a bullish forecast on his personal blog, according to which he expects a probable rebound in quotes up to the resistance level of $24,000. However, it is worth considering that the market is dominated by a downtrend, and therefore any purchases are associated with increased risk, Ranger emphasized.
As of September 30 at 18:20 Moscow time, the flagship of the crypto market is located at $19,793. Over the past day, Bitcoin has added 4.47% in value, which indicates some activity from the bulls. The current market capitalization of the coin is $385.3 billion.
Experts from the Sentiment analytical platform noted that Bitcoin and Ethereum are less and less correlated with the S&P 500 stock index, which has lost 2.4% in price over the past day. At the same time, there is an increased demand from retail investors for the main crypto assets.
The euro and the British pound are rapidly weakening against the US dollar. Against this background, many consumers are actively investing in bitcoin and ether.
Earlier, the Crypto.ru editors informed: Ben Zhou, CEO of the Bybit exchange, positively assesses the current situation in the crypto market. According to the expert, the digital asset industry has nothing to fear, since rapid inflation and attempts by regulators to print more fiat money can be considered signs of the weakness of the traditional financial system.
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