$ETH Sitting right above its break out point and has been chopping around in a tiny range for the past 3 weeks.
This will eventually lead to a large move again from this compression, similar to the initial breakout that got us here.
For the bulls it is critical to hold that green zone at ~$2350, because otherwise it is going to be looking like a big deviation & liquidity hunt into a range re-entry.
$BTC With the 2023 breakout from the bear market as overlay.
The price action at the bottom with the second sweep into very compressed sideways and the breakout has been very similar.
In 2023 at this point, a lot of people were calling for another lower low to occur. Sentiment was pretty neutral on average.
What actually happened was about 6 weeks of sideways chop. We saw some up and down and a larger correction during the banking crisis fud at the start of 2023. But that quickly reversed into a positive catalyst for Bitcoin instead and saw another leg up follow after that.
I think any larger drawdowns due to some kind of headline should be welcomed with open arms. Mark out your high timeframe levels and stay level headed.
And remember that usually price tends to shake out a lot of positions on both sides before actually continuing its move higher after such a big impulse.
🇺🇸 The U.S. crypto market structure fight is entering a critical phase.
The CLARITY Act is facing another hurdle as Congress cuts its September schedule, while lawmakers race to advance digital asset rules before the midterms.
At the same time, the SEC is pushing its own crypto framework and has publicly backed getting CLARITY to President Trump’s desk.
The message is clear: the U.S. is still competing to build the world’s leading digital asset market.
Will the U.S. finally deliver full crypto market clarity this year? 🇺🇸
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$BTC Today is Labor day so volumes and volatility will likely remain low.
There's some liquidity that has built up on both sides during the weekend. Keep an eye out for these levels and how price reacts around them in the short term.
Tomorrow we'll see where this wants to heads to next.
BTC was close to a breakout last week but got slammed back down after the high NFP report. It recovered some since then but is still yet to break the $83K resistance.
The Weekly RSI Levels of $BTC , $ETH and majors have gone up but it still mostly sitting below the 60 mark.
That almost signals a transition into the 60-80 area where $BTC tends to flourish during up trends. Right in that sweet spot where you're having a lot of momentum but are not quite overbought yet.
That'd when the trend tends to feel like "easy mode".
🇯🇵 BREAKING: Japan DUMPED a record $88 BILLION of foreign securities in August to fund its massive yen intervention, per Bloomberg.
Nearly 80% of Japans total foreign exchange reserves is in US dollar-denominated assets, primarily US Treasuries and dollar deposits.
Japan’s reserves plunged -6.2% to $1.208 TRILLION, their lowest since October 2022, after Tokyo spent a record ¥15.4 TRILLION ($98.7B) buying yen to support the currency.
The intervention triggered the BIGGEST monthly drop in Japan’s reserves ever, with foreign securities falling $87.8B during the month.
🇺🇸 Senator Cynthia Lummis warns that if the CLARITY Act fails this Congress, U.S. crypto market structure rules could be delayed until 2030.
The Senate faces a critical procedural vote on September 15, requiring 60 votes to move forward.
My take: This is bigger than one crypto bill. Without clear rules, the U.S. risks losing institutional capital, innovation and regulatory leadership to other markets.
Will Congress finally get crypto market structure legislation across the finish line? 👀
The market will get really fun if the total altcoin market is able to properly break this current resistance.
This level has held both as support and resistance multiple times over the past 2 years.
It marked the start of the post election run that made this move 2x in only a month at the end of 2024. That was also the last time alts as a whole really outperformed and our last decent "alt season".
Not expecting a similar reaction here, but just noting how important this area is to break to flip the market structure around.