Bitcoin’s daily Relative Strength Index , an extremely popular momentum indicator, is safely above the 50-level midline which is a required sign to start a new bullish trend. Also, the Moving Average Convergence Divergence has managed to stay above the signal line in a bullish stance. Importantly, both these widely used indicators are in bullish agreement for the first time since June.. These are prices or indicators “people tend to choose by default in the absence of communication.
Typically, a strong dollar is seen as negative for bitcoin, but in bitcoin’s history the correlation coefficient with the Dollar Index has been positive many times. In 2016, it even reached 0.93. In fact, prior to COVID, it could be argued, bitcoin and DXY were as often positively correlated as not.The Correlation Coefficient does tend to be more negative than positive in recent years, however, in bull market breakouts it usually swings positive.
on Investing.com is a good place to bookmark. It uses Fed Funds futures to imply what the market thinks.The Fed Fund futures curve has started to move upward for next year, meaning the market is pricing in fewer cuts, but not moving significantly higher on the short end. This tells us the market thinks the Fed is most likely done, and rate cuts will start sometime next year.
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