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What Factors are Driving the Rise of the Cryptocurrency Market Today?

– The cryptocurrency market capitalization has increased in the last 24 hours due to expectations of no monetary policy action after the latest U.S. inflation data.
– The market valuation reached $1.035 trillion with 1.58% gains, including top-ranking cryptocurrencies like Bitcoin (BTC), Ether (ETH), and Solana (SOL).
– Crypto investors reacted positively to the U.S. consumer price index (CPI) report, which showed an increase in August’s CPI. However, core inflation remained on a downward trajectory.
– The possibility of a rate hike pause in September has led to bullish sentiment among crypto investors.
– The recent court ruling on FTX’s crypto assets sale has eased concerns among investors.
– Exclusion of major cryptocurrencies like Bitcoin and Ethereum in the ruling reduces the selling pressure that FTX sales may have caused.
– The gains in the crypto market in the last 24 hours are part of a short-term rebound.
– The market’s relative strength index (RSI) dropped to an “oversold” threshold, leading to a buy signal according to traditional analysts.
– Caution is advised as long as the market stays below key exponential moving averages (EMAs) and the multi-month descending trendline resistance.
– The ongoing rebound may continue until the market valuation hits the trendline or its 50-day EMA, both aligning at $1.04 trillion.
– A pullback could potentially crash the market valuation to the $980-995 billion range.

Note: This article does not provide investment advice or recommendations. Readers should conduct their own research and make decisions at their own risk.

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