RATE Group | Weekly Forecast: Crypto Rally Has Legs as Bitcoin Enters Bullish Territory
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Weekly Forecast: Crypto Rally Has Legs as Bitcoin Enters Bullish Territory

02 Sep Weekly Forecast: Crypto Rally Has Legs as Bitcoin Enters Bullish Territory

Posted at 20:37h in Bitcoin News by

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Could this be the week that cryptocurrencies shake off the bearish headwinds? A look at bitcoin’s price action suggests that a more sustained recovery may be afoot. The leading digital currency by market capitalization led a convincing breakout on Saturday and has now recovered 22% from last month’s swing low.

The debate over bitcoin exchange-traded funds (ETFs) is also expected to heat up after Labor Day, as the U.S. Securities and Exchange Commission (SEC) prepares to deliver a verdict on a promising proposal by VanEck and SolidX. Although a verdict isn’t expected until Sept. 30, speculation will continue to divide investors in the coming weeks. Markets largely shrugged off the SEC’s wholesale rejection of nine bitcoin ETFs nearly two weeks ago.

Bitcoin’s Next Move

Bitcoin rose to fresh one-month highs on Saturday as price action confirmed a bullish crossover for the digital asset. The crossover between the 50-day moving average and 200-day MA suggests…

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