Bitcoin remains below $55,724 support, but the selling may be reducing, increasing the possibility of a relief rally in UNI, SUI, OP and HNT.
Bitcoin (BTC) broke below the $55,724 to $73,777 range on Sept. 6, paving the way for a further decline to the Aug. 5 intraday low of $49,000. According to Bitget Wallet chief operating officer Alvin Kan, Bitcoin may remain under pressure until the Federal Reserve’s rate decision on Sept. 18. However, after the rate cut is announced, Kan anticipates risk assets to witness a short- to mid-term boost.
Arthur Hayes, the former CEO of the BitMEX cryptocurrency exchange, who earlier speculated Bitcoin to drop below $50,000 has changed his view. He now expects Bitcoin to rally as early as next week due to increased United States dollar liquidity from the Fed.
Crypto market data daily view. Source: Coin360
