Your day-ahead look for Sept. 22, 2026
By Omkar Godbole|Edited by Jamie Crawley31 minutes ago3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowThis is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
The S&P 500, Wall Street's leading stock index, is approaching historic highs, yet its internal metrics indicate a lack of strength. In contrast, the cryptocurrency sector appears to be in a healthier position.
These internal metrics are measured by breadth, which refers to the count of stocks within the index trading above a specific benchmark, specifically the 200-day moving average, a key indicator of long-term trends. According to CNBC, an increasing number of stocks dipping below this threshold can hint at declining strength in the overall index.
As of the latest update, 257 out of 500 stocks were trading beneath their 200-day moving averages, indicating a bearish breadth.
In comparison, the cryptocurrency market shows a more promising outlook. Among the top 100 cryptocurrencies by market capitalization, 88, including major players like Bitcoin and Ethereum, are trading above their 200-day simple moving averages. A significant portion of these assets also exceeds their 50-, 100-, and 200-day moving averages, indicating a bullish trend. (This analysis focuses on the top 100 due to the typically lower market caps, liquidity issues, and price volatility of lesser-known coins.)
Additionally, Bitcoin, Ethereum, XRP, and Solana, among others, remain considerably below their peak values, suggesting they may be undervalued compared to stocks.
This bullish breadth aligns with a positive outlook from analysts, who foresee additional market gains as institutional investments flow into the sector via exchange-traded funds (ETFs).
“The continued momentum across major cryptocurrencies and select altcoins has spurred increased interest in covered call strategies among investors who endured the bear market and are now seeking attractive yields at profitable exit points,” stated Dick Lo, CEO of quant-focused trading firm TDX Strategies, in a recent market note.
“From a technical standpoint, the $90,000 psychological barrier is the immediate challenge, with the 2026 peak of $97,900 as the next target,” Lo added.
However, some market participants are exercising caution. Bernardo Brites, CEO and Co-Founder of Trace Finance, remarked that capital is primarily entering through ETFs rather than stablecoins, which could expose the market to potential pullbacks. Trace Finance is a regulated stablecoin infrastructure company that has reportedly processed $10 billion in cross-border transactions.
“If demand for ETFs remains steady and the supply of stablecoins begins to increase again, the rally will have a robust foundation. Conversely, if ETFs are the sole driving force, the market could be at risk, and Bitcoin might relinquish a significant portion of its recent gains as market positioning normalizes,” Brites cautioned. Stay vigilant!
Read more: For an analysis of today's altcoin and derivatives activity, see Crypto Markets Today . For a comprehensive list of events this week, check out CoinDesk's "Crypto Week Ahead."
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Crypto Daybook Americas - The latest moves in crypto markets, in contextMarket analysis for crypto traders and investors.PreviewSign upBy signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy.What’s trending
- Bitcoin's on a streak it hasn't hit since 2012 (CoinDesk): Bitcoin has recorded gains in both July and August and is on track to finish September positively, marking a three-month winning streak that has only occurred once before in its history.
- Coinbase users can now borrow USDC against bitcoin at a fixed rate (CoinDesk): Coinbase, a Nasdaq-listed exchange, now allows its users to borrow the dollar-pegged stablecoin USDC against their Bitcoin holdings with predictable interest rates.
- Dollar at 2-month highs as Fed outlook 'dominant' (Reuters): The dollar reached its highest level in two months due to expectations of imminent interest rate hikes, although falling oil prices could influence global inflation and monetary policy perspectives. The dollar index was up 0.24% at 100.79.
- Treasury yields little changed as oil price oscillates (CNBC): U.S. Treasury yields remained mostly stable as oil prices fluctuated. Initial drops in yields coincided with mixed oil prices following discussions between U.S. and Iranian delegates at the U.N., raising hopes for easing supply issues in the Middle East.
Today’s signal
Bitcoin's hourly price swings in candlestick format. (TradingView)The chart illustrates the hourly price movements of Bitcoin in candlestick format.
Although there has been a pullback from the highs observed during the Asian session, prices remain within a broader bullish channel that has characterized the rapid increase from approximately $75,000.
A breach of the channel's lower boundary would signal the first indication of weakening bullish momentum. Should this occur, initial support could be found around $81,800, where the rally previously stalled for several days, as indicated by the horizontal yellow line.
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Why it matters:
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