Bitcoin, Ethereum, Dogecoin Fall As Post-Debt Ceiling Rally Fizzles Out: Analyst, Who Predicted 2021 Bottom, Says 'Moon Time' For King Crypto If This Happens


Published May 30, 2023 03:23

Updated May 30, 2023 04:40

Bitcoin, Ethereum, Dogecoin Fall As Post-Debt Ceiling Rally Fizzles Out: Analyst, Who Predicted 2021 Bottom, Says 'Moon Time' For King Crypto If This Happens

Benzinga - Major cryptocurrencies are back slightly in the red on Monday evening after the post-debt ceiling deal rally came to an end.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC) -1.36% $27,777
Ethereum (CRYPTO: ETH) -0.85% $1,898
Dogecoin (CRYPTO: DOGE) -0.84% $0.073

What Happened: Bitcoin’s immediate future looks promising, as per blockchain data that indicates short-term holders are moving BTC at a profit.

Glassnode, a blockchain analytics company, reports that the seven-day moving average of the short-term holder’s (STH) spent output profit ratio (SOPR) has recently rebounded above 1.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
IOTA +5.31% $0.2124
Quant +5% $112.34
Lido DAO +3.86% $2.18

At the time of writing, the global crypto market capitalization stood at $1.16 trillion, a decrease of 1.09% over the last day.

Stock futures spiked on Monday evening following news of a tentative agreement between the Biden administration and Republican lawmakers on raising the U.S. debt ceiling. Futures tied to the S&P 500 saw a gain of 0.3%, while Nasdaq-100 futures climbed 0.5%.

President Joe Biden and House Majority Leader Kevin McCarthy have successfully reached a bipartisan agreement to raise the debt ceiling and prevent a looming default. The proposed legislation is expected to be voted on as early as Wednesday, however, Congress has yet to confirm whether they will need to return to Capitol Hill to review the proposal. In order to pass the bill agreement, both Republican and Democratic support is crucial.

As Memorial Day was celebrated on Monday, the US stock markets remained closed.

See More: Best Crypto Day Trading Strategies

Analyst Notes: "The Debt Ceiling is lifted for the coming 2 years. It’s even unlimited, which means that we’re getting into the end stages of the strength of the U.S. Dollar. On the other hand, lifting the Debt Ceiling shouts for continuation on the money printer and that is bullish for BTC," said crypto analyst Michaël van de Poppe.

Get The App
Join the millions of people who stay on top of global financial markets with
Download Now

Pseudonymous analyst DonAlt shared his thoughts on Bitcoin’s performance and potential. In his analysis, he sees a potential bullish scenario where Bitcoin overcomes multiple resistances across different timeframes and skyrockets to as high as $35,000. "I do like $27,400 again. I think if we reclaim it, it's moon time… And timeframes would start cascading into each other, which I love to see," adding that "if that goes into the monthly, the monthly resistance is at $35,000."

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

© 2023 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Sign out
Are you sure you want to sign out?
Saving Changes