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This was the reason for the slightly bullish market that propelled ETH to a new all time high yesterday night
Just people reaction to Powell's speech that "interest rates might fall"
They haven't fallen OR he hasn't promised that they will. US markets made moves and alts had a fun run.
I think today fun run is over! Do some profit taking
#Crypto Market Rebound#
Yesterday, we saw the market weighing up some dovish Fed member comments and also higher jobless claims & better PMI data.
At present, the odds of a rate cut in September have dropped to around 73 percent, about a 20 percent decline from the start of the week.
Bitcoin Perfected
The Demark indicator has now issued a perfected daily and 12-hour time frame signal, following the lower daily low yesterday.
This really does increase the chances of a Bitcoin rebound today, although what Powell says today could derail the perfected signal.
Notably, the target of the perfected signal, according to Demark, is the current all-time price high for Bitcoin.
Other Influences
Some really interesting things are happening to the Order Book surrounding Bitcoin right now, raising further optimism for a recovery today.
The Bid to Ask ratio has turned positive for the first time since Bitcoin traded at around 80,000 USD earlier this year.