Crypto Market Awaits Catalyst: Americas Daybook

By Omkar Godbole (All times ET unless otherwise stated) The cryptocurrency market is experiencing a period of stagnation, with the CoinDesk 20 Index (CD20) showing minimal change over 24 hours and the price of bitcoin ($85,024.44) consolidating above $90,000. At first glance, this may seem uneventful. However, this price movement actually confirms the oversold conditions indicated by the relative strength index (RSI) on Tuesday, when bitcoin initially dipped below $90,000. On the same day, CoinDesk noted that the RSI reading required validation from characteristic doji candles with lower wicks, which suggest that sellers may be losing momentum. Interestingly, these signals have appeared in the form of consecutive daily candles with long lower wicks (refer to the Technical Analysis section), indicating the bears' inability to maintain prices below $90,000. Combined with the oversold RSI, it appears that the downtrend may be losing steam. The timing of this signal is particularly noteworthy, as the long-delayed U.S. nonfarm payrolls data for September is scheduled for release later today. Although this news may be considered outdated, and the Labor Department has announced that it will not release the October report, which could further divide the Fed on interest-rate cuts, the cryptocurrency market is currently fragile and craving positive news. Market sentiment is severely depressed, fear is prevalent, and bitcoin has already plummeted 30% from its record high of $126K. Investors have adopted a bearish stance and have significantly reduced their expectations of a Fed rate cut, from 98% to 30%, over the past month. This setup creates an environment where a piece of positive news, such as extremely weak payroll data that boosts rate-cut expectations, could trigger a short squeeze and a rally. With all these factors in place, it would not be surprising to see some bullish volatility emerging in the market. Other notable news includes Ripple executives openly discussing the possibility of introducing native staking on the XRP Ledger to expand XRP's role in DeFi. Base co-founder Jesse Pollak announced on X that his personal token, JESSE, will launch on the Base App, further expanding the layer-2 ecosystem. In traditional markets, the yen continued to weaken against the dollar, despite a surge in domestic government bond yields, which is a sign of fiscal stress reflected in FX markets. Traders are closely monitoring for signs that the Bank of Japan may intervene to halt the currency's decline. Remain vigilant. Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today. Key Events to Watch: For a comprehensive list of events this week, refer to CoinDesk's 'Crypto Week Ahead'. Token Events: For a comprehensive list of events this week, refer to CoinDesk's 'Crypto Week Ahead'. Conferences: For a comprehensive list of events this week, refer to CoinDesk's 'Crypto Week Ahead'. Market Movements: Bitcoin Statistics: Technical Analysis: Crypto Equities: Crypto Treasury Companies: ETF Flows: Spot BTC ETFs: Spot ETH ETFs: Source: Farside Investors While You Were Sleeping