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Bitcoin advanced Monday as U.S. rates traders penciled in greater odds of the Federal Reserve keeping borrowing costs unchanged later this week and through the rest of the year.
The leading cryptocurrency by market value jumped to $27,170, the highest since Aug. 31. Prices have gained almost 8% since the ominous-sounding death cross pattern appeared on the cryptocurrency’s daily price chart on Sept. 11.
In other words, the death cross, the bearish crossover of the 50-day simple moving average (SMA) of the price below the 200-day moving average, may have trapped sellers on the wrong side of the market, living up to its reputation as an unreliable standalone indicator.
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The cryptocurrency’s bounce comes as Fed funds futures show a 99% probability the Fed will leave rates unchanged between 5.25% and 5.5% this Wednesday. The futures show a 69% and 58% probability of no action in November and December.
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