Bitcoin rebounds 25% after “Black Monday” drop
Global markets are returning swiftly after the recent “Black Monday” turmoil. The U.S. and Asian stock indices are showing robust gains, while the cryptocurrency market sees a surge in risk appetite, led by Bitcoin’s impressive 25% recovery.
US and Asia markets surge
- The global fear index (VIX) fell from 28 to 23.80 in 24 hours.
- U.S. indices experienced notable rises:
- S&P 500 increased by 1.55%.
- Dow Jones Industrial Average gained 2.90%.
- Nasdaq surged by 2.87%, with NVIDIA shares climbing 6%.
- Positive trends continued in Asian markets:
- Japan’s Nikkei index rose over 1.5%.
- Taiwan’s index saw gains surpassing 3%.
- USD/JPY pair exceeded 147.00, reducing risks for “carry trade” positions.
Cryptocurrency market revival
- Bitcoin (BTC) dropped to $49,500 on Monday but soared 25% to reach $62,700 within 4 days.
- As of August 9, 2024, BTC is stabilizing around $61,500, with the 200-day moving average at $61,800 as a critical resistance point.
- Ethereum (ETH) also experienced a 25% increase, climbing from $2,100 to $2,725. It is currently trading near $2,685, with a crucial trend resistance at $2,750.
- Other altcoins also saw daily gains ranging from 5% to 10%.
BTC analysis and expectations
- Analysts speculate on whether Bitcoin’s rise will continue. They highlight the importance of surpassing and sustaining above the 200-day moving average at $61,800 for a positive outlook.
- Should the upward trend persist, the $64,000-$65,000 range is identified as the next resistance zone, with $60,000 being the initial support level.
ETH analysis and expectations
- Ethereum must break the $2,750 resistance for further gains. Its 200-day moving average stands at $3,225.
- The cryptocurrency market remains volatile, with substantial fluctuations expected in the near term.
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