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BTC’s June low remains a valid support zone after the market fully absorbed major headwinds including Federal Reserve rate hikes and the Senate’s rejection of the CLARITY Act, crypto market maker Wintermute said.
Wintermute said BTC and ETH each broke above the top of their recent ranges within hours of each other on Sept. 21, while about $250 million in short positions were liquidated before the start of U.S. trading hours. BTC was trading at $86,000, an eight-month high, according to Wintermute. The firm said investor confidence is now clearly visible and the foundation supporting the current uptrend appears very solid. With a series of major macroeconomic developments ahead, the market is likely to focus on building a new support line and absorbing profit-taking after the recent rally.