Bitcoin recently took a jump again and surpassed the $21,000 resistance support ahead of ETH merge, can investors see a short-term bullish rally?
The global markets are witnessing a short-term bullish trend over the past 24 hours, The major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have again surpassed their support resistance level of $21,000 and $1,700 respectively gaining over 9.44% and 5.54% in the last 24hrs. Also, the major US & European markets i.e S&P 500, Nasdaq, Dow Jones and FTSE 100 etc are performing well and seeing a gain ranging from 1.3% - 1.9% before getting close this weekend. However, the prices of Brent Crude Oil aren't seeing much downfall and have crossed $90. Meanwhile, it is standing at $91.6/barrel at the time of writing.
Investors are expecting to see a short-term bullish rally once the ETH merge happens between 13-15 September. Also, the Ethereum Merge is a hot topic being discussed widely on social media platforms, as The ETH network recently has seen an all-time high hash rate of 47 Terahash/sec (TH/s), and the reports of the major crypto exchanges like Binance, Coinbase etc planning to support the ETH merge.
However, it will be interesting to see, how the US Federal Reserve's upcoming announcement of raising interest rates will affect the markets. As we know that the CPI (Consumer Price Index) data is expected to come out on Tuesday, September 13. The Federal Reserve could decide 50 or maybe 75 bps rate hike on September 21 based on the CPI and jobs data of the previous month.
At the time of writing this article, Bitcoin and Ethereum are trading at $21,200 and $1,725 respectively, while the global crypto market cap is $1.05T (5.85% increase in the last 24hrs) as per CoinMarketCap.
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