In the Asian session, digital gold has already stopped at a higher level, within $51,000.
The capitalization of the cryptocurrency market by the end of Tuesday amounted to 2.22 trillion US dollars against 2.13 on Monday. This means that money has entered the market, which means long positions. Such a consistent increase in the depth of the market indicates a possible rally at the end of this year. Surely the funds will want to show an increase in their profitability by the end of the year. Therefore, in our forecast for bitcoin, we also lay down the seasonal nature of the asset's growth.
Recall that at the end of last week, bitcoin added about 10%. The favorable news background contributed to the buying interest from investors. Fed Chairman Jerome Powell said last week that he was not going to ban cryptocurrencies. Against the background of the ban of cryptocurrencies by China, the United States shows its loyalty to the digital economy.
From the news that will affect the cryptocurrency market, it is necessary to highlight the changes in the number of people employed outside agriculture from the US ADP for September. This news will be released at the American session and may have a greater impact on the trading of the digital asset market. Good data from the US may strengthen the dollar and weaken bitcoin's position a little.