Bitcoin BTC has ushered the week oscillating under the $28,000 tread line, sparked off by Sunday’s bullish rally. The month of October has traditionally favoured Bitcoin, injecting buoyancy into the market, coupled with the recent Ether (ETH) futures ETF debuts on premier traditional asset exchanges.
On the other hand, macroeconomic factors do pose a counterweight. Following strong US data results released on Monday, including ISM Manufacturing PMI statistics, US 10-year yield rates marked a historic high of 4.70%. Arguably, this is indicative of a stall-free US economy inviting the Federal Reserve to sustain raised interest rates for an extended epoch.
The outcome of Bitcoin’s battle to overcome the $28,000 barrier this week remains a pivotal question for traders. A subsequent setback could signal that the currently observed slump since July might not be wrapping up soon. The unleashing of additional macro headwinds also cannot be ruled out, considering Monday’s data. The upcoming US labor market figures, the JOLTS Job Openings, US ADP National Employment Change, and the US ISM Services PMI report will be this week’s economic indicators to watch.
With leading digital currencies waging war against significant resistance levels, traders seek solace in the tumultuous yet alluring realms of shitcoin/meme coin markets. As per DEXTools, some emerging champions are “Stanley the Bugman” (BUGMAN) and “Xpro” (XPRO), witnessing surges in the last 24 hours by approximately 450% and 250% respectively, and another sturdy contestant being “PAW” (PAW), enjoying an 85% uptick.
However, putting stock into shitcoins come with an inherent risk due to the lack of an underlying valuable proposition. As an alternate high-risk strategy with potentially greater benefits, crypto presales are worth considering. Anxious investors could avail themselves to buy discounted tokens from young crypto initiatives, thereby assisting in their developmental funding. Presales often gift early investors with exponential rewards and are bestowed by ventures with promising teams and game-changing crypto application/platform visions.
An investor equipped with the ability to identify such prospective gems may uncover a favourable risk/reward balance in their presale investment. To lend a hand, the team at Cryptonews undertakes extensive presale projects’ analysis to offer guidance, and they currently earmark 15 of the best crypto presales for 2023.
But a word of caution – the crypto world is fraught with high risk. Therefore, this article’s highlight of informational features does not equate to financial advice. Avoid recklessness with your capital; you could lose all of it.
Source: Cryptonews
