The cryptocurrency sector is recovering driven by the strengthening of its major assets, including Bitcoin (BTC), which has recorded some gains in recent days and led some crypto trading experts to speculate on its key price levels in near future.
One, in particular, is market analyst Michaël van de Poppe, who expects Bitcoin to see “some momentum” if it maintains support at the $19,000 level” or recovers 19 ,3,000,” as he explained in a Tweeter September 29.
According to the trading expert:
“If that holds, $19.6,000 seems likely, and then, finally, some momentum.”
Likewise, crypto trader and analyst Josh Rager job its own bullish analysis from Sept. 29 suggesting that, based on the daily close, a “bounce here at $21,000 or a rally above $24,000” is possible.
Meanwhile, the two professional crypto traders also expressed their anticipation for the new Personal Consumption Expenditure (PCE) price index for August which is expected to be released on September 30, expecting it to have a impact on the Bitcoin price.
Encouraging data as S&P 500 correlation weakens
As it stands, the top cryptocurrency is trading at $19,541, up 0.47% on the day, as well as up 2.26% over the previous seven days, while its market capitalization is currently $374.21 billion, according to data from CoinMarketCap.
It should also be noted that according to the on-chain and social metrics platform SanimentBitcoin and Ethereum (ETH) are now holding up, “without the support of the S&P500, which is down -2.4%”, and “if the correlation between crypto and equities is fading, that’s very encouraging”, the platform declared September 29.
On top of that, market data has shown that investors are increasingly flocking to Bitcoin as they trade their Euros and Pounds in record numbers, due to the decline in value of fiat currencies, like the reported Finbold.
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