Multi-week dollar lows fuel Bitcoin bulls. Data from Cointelegraph Markets Pro, and tradingView show BTC/United States dollars climbing before the Wall Street opens.
This was up more than 5% in 24hrs. BTC price action sees an October peak amid a falling U.S. Dollar and a successful prior-day’s trading for U.S. Equities.
At the beginning of the week, the pair had been freed from macroeconomic worries. Credit Suisse’s troubles and the Russia-Ukraine conflict were not slowing down performance.
The short-term analysis focuses on a run possibly topping out closer to $21,000. This was also the case late last month as sell-side pressure at this level remained substantial.
“20500-21000” is considered a sell zone. Popular trader Il Capo of Crypto said to followers that if price reaches there, which it should, don’t be too bullish.
Razzoorn, an international trade group The Birb Nest analyst, stated that this charge was Bitcoin’s fifth attempt to escape a major liquidity cloud within a few weeks.
Despite the potential downside opportunity, Bitcoin rallied in tandem with a wider risk asset tide that saw United States equities finish noticeably lower the day before.
The U.S. Dollar suffered as well, with the U.S.dollar index (DXY), extending losses to close to 111 points and threatening support in place since mid September.
“Up the Market Goes,” Michael van de Poppe (CEO and founder of trading platform Eight), said.
“Flipping $19 500 for support. If Bitcoin’s range-high of $19,600 holds, then I expect we’ll move towards $22,400.”