Crypto Market Rallies with Bitcoin as Rate Hike Expectations Ease

The crypto market and Bitcoin have broken higher as they continue in wave three extension. The rally is likely due to easing expectations for a Federal Reserve rate hike this month, which has also boosted global stocks.

The Crypto TOTAL market cap chart is back at its highs after a corrective pullback in wave (4), indicating that it's now trading in wave (5) of 3, with potential to move towards the $2.8T area before a new higher-degree wave 4 correction.

Bulls remain in control as long as stocks continue to show a bullish picture, especially if slowing yields push the US dollar lower. Bitcoin's price is breaking above the upper line of a base channel, confirming that it's still in the wave three extension, with more upside possible.