Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD) – Bitcoin, Ethereum, Dogecoin Mute: Are traders facing pain in the future as analysts say bulls had fun?

Bitcoin It was in the green on Sunday evening, even as the global cryptocurrency market cap fell 0.3% to $1.1 trillion at 8:20 PM ET.

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why does it matter: Bitcoin and Ethereum traded mixed, even with stock futures rising marginally. S&P 500 and Nasdaq futures are up 0.1% and 0.2%, respectively, at the time of writing.

Over the weekend, Bitcoin surged above the psychological mark of $20,000 and reached $21,760.28, while Ethereum touched a high of $1,784.50.

“Bitcoin welcomes the return of risk appetite and the decline of the US dollar. The broad market recovery has revitalized the cryptocurrency and may continue if investors continue to look beyond the central bank’s hawkish overtures and continued recession risks,” he said. Edward Moyaa senior market analyst at OANDA.

Michael van de Poppe He said the markets are not looking for a “continuation of the downside” and there is “force to the upside” as altcoins are starting to look better.

Markets are not looking for a continuation of the downtrend, there is likely to be strength to the upside as well #altcoins It’s starting to get better.

Q4 could be fun this year.

– Michael van de Poppe (@CryptoMichNL) September 11, 2022

“Maybe the fourth quarter of this year will be interesting,” said the cryptocurrency trader on Twitter.

Justin Bennett He sent out a more cautious note and tweeted, “I enjoyed the Bulls, but everyone [crypto] The market is sitting 5% below a huge resistance area.”

“Maybe another push higher before the next run goes down.” The trader reminded his followers that US inflation data will be released on Tuesday and Wednesday and “expect volatility”.

I wish everyone a wonderful weekend!

The bulls enjoyed, but all # encrypt The market is sitting 5% below a huge resistance area.

Perhaps another push higher before the next stop lands.

US inflation data on Tuesday and Wednesday, so expect volatility. BTC dollars ETH dollar pic.twitter.com/K8niV3xcE8

– Justin Bennett (@JustinBennettFX) September 11, 2022

Also expected this week is a “consolidation” – Ethereum’s transition from a Proof of Work mechanism to a Proof of Stake model, which is specific for Thursday.

CoinMarketCap He said in a recent note authored with glass That over 11.2% of ETH’s circulating supply is now participating in the PoS consensus.

Ethereum release and EIP 1559 Burn Rate – Courtesy of Glassnode

“Given the demand on the chain, and therefore gas prices which are very weak at the moment, this highlights that with any significant increase in gas fee pressure, ETH can be expected to become a deflationary net supply asset.”

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