ISHARES

CoinDesk Daybook

The crypto market is looking to regain upside traction, with bitcoin (BTC) attempting to top $110,000. The CoinDesk 20 Index has risen over 1% in the past 24 hours alongside double-digit gains in a select few tokens such as HYPE, KHYPE and XMR.

Sentiment on social media remains bullish, thanks to expectations that the #Fed 'eral Reserve will cut rates by 25 bps next week, continuing the so-called liquidity easing cycle. Still, it's worth noting that the dollar index is continuing to exhibit bullish price action. A strengthening dollar could limit upside in BTC.

Risk proxies such as the #ISHARES iBoxx $ High Yield Corporate Bond ETF (HYG) and Financial Select Sector SPDR Fund (XLF) aren't supportive either. Both have recently penetrated key support levels. (Check the TA section). Meanwhile, key volume studies point to underlying weakness in the bitcoin market.

Taken together, these factors validate the persistent put bias in BTC options listed on Deribit and Standard Chartered's short-term bearish outlook.

Founders of the newsletter service #london CryptoClub said that the recent banking funding stress and liquidity tightening are "keeping BTC anchored and negatively impacting underlying risk dynamics." Still, they added that the bull run is far from over, pointing to lower bond yields and economic slowdown risks as catalysts for aggressive Fed easing that could cause a "melt up."

In traditional markets, oil rose 4% on both sides of the Atlantic after the #US imposed sanctions on major #russia 'n suppliers Rosneft and Lukoil over the Ukraine war. Increased volatility in the oil market could cause risk aversion. Stay alert!

"Do support by follow, like, comment, share, repost to reach maximum audience, more such informative content ahead"

$BTC $HYPE $XMR