Bitcoin Faces Hurdles in Regaining Momentum; HYPE and XMR Experience Gains

By Omkar Godbole (All times ET unless stated otherwise) The cryptocurrency market is attempting to regain its upward momentum, with bitcoin aiming to surpass $110,000. Over the past 24 hours, the CoinDesk 20 Index has risen by over 1%, accompanied by double-digit gains in select tokens such as HYPE, KHYPE, and XMR. Social media sentiment remains optimistic due to expectations of a 25 basis point rate cut by the Federal Reserve next week, continuing the liquidity easing cycle. However, the dollar index continues to exhibit bullish price action, which could potentially limit the upside in BTC. Risk indicators like the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and the Financial Select Sector SPDR Fund (XLF) are not supportive, having recently broken through key support levels. Furthermore, volume studies suggest underlying weakness in the bitcoin market. These factors validate the persistent put bias in BTC options listed on Deribit and Standard Chartered's short-term bearish outlook. The founders of LondonCryptoClub noted that recent banking funding stress and liquidity tightening are "keeping BTC anchored and negatively impacting underlying risk dynamics." However, they believe the bull run is far from over, citing lower bond yields and economic slowdown risks as potential catalysts for aggressive Fed easing that could lead to a "melt up." In traditional markets, oil prices rose by 4% on both sides of the Atlantic following the US imposition of sanctions on major Russian suppliers Rosneft and Lukoil due to the Ukraine war. Increased volatility in the oil market could lead to risk aversion. 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". Token Talk by Francisco Rodrigues Derivatives Positioning 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