Market Analysis for 28.09.2020 Bitcoin spent the weekend mov | Your Crypto Boss

Market Analysis for 28.09.2020

Bitcoin spent the weekend moving according to the Review in the range of 10500-10800 and tested 11K again after the markets opened.
So far, the attempt hasn't been successful, and now the main crypto currency is trading around 10898-108890.

Market capitalisation 349 billion, dominance index 57.8%

Financial markets opened up with slight growth. Asian indices are growing and the S&P 500 futures are trading at around 3,300.

The dollar index is declining, but is still above 94,500.
According to information from JPMORGAN, in Q3 2020 pension and sovereign wealth funds will withdraw about 200 billion from the stock markets, which may lead to a further decline in markets. It's not clear where the funds will take the money once withdrawn, but there are no special alternatives for them, as investments with high risk are legally restricted.

Bitcoin continues to grow on the crypto market. Altcoins are still weakly supporting it, as market participants expect the main crypto currency to climb above 11K, or will the price go back to 10500-10200?

Last week, Bitcoin easily held 10,200 despite the negative external background. But for steady growth right now, a correlation gap with the stock market is needed, which has no basis in fact. Once that happens, Bitcoin will take the ATH-2019 in a few days.

So far, the main crypto currency is trying to take 11K. If the attempt succeeds and ends in consolidation - then 11200 must be taken. After that, there will be a powerful wave of altcoin growth. If we don't take 11K, but keep it above 10800 - there will be more attempts to take this level, which will lead to success within a couple of days. The most likely scenario for today is a rebound from 11,000 or 11200 to 10700-10500.

As I said on Saturday, if the opening of the futures is around 11K, that is a bad sign for further growth in the near term. In the medium term, Bitcoin is the only asset whose prospects for the next 1-2 years are quite clear.

We can see how crypto market participants actually react to attempts to introduce AML/KYC in the EU, where after the introduction of the 5th amendment crypto companies either closed down or changed their jurisdiction, not wanting to infringe on the client's right to privacy, as the largest option exchange in the world, Derebit, did.

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