Bitcoin Price Hits 10-Week Low Amid 'Painful' US Dollar Rally Warning
The dollar is overdue for a correction, which will briefly send risky assets, including crypto, “flying,” analyst concludes .
Market Update
Bitcoin (BTC) provided a long-awaited breakthrough on September 7, as the price action of BTC dashed the bulls' hopes of recovery.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView recorded sudden losses for BTC/USD later on September 6, with overnight lows hitting $18,540 on Bitstamp.
The pair hit its lowest levels since June 30, taking liquidity off the July low and recovering only marginally on the day.
BTC/USD 1-Day Candle Chart ( Bitstamp ). Source: TradingViewThe bearish price action followed nearly a week of sideways moves and volatility was nowhere to be found as market participants gritted their teeth in hope of an upward exit.
In this case, they were disappointed, but for popular Crypto trader Il Capo, there was still reason to believe that a relief bounce would occur.
"First off, price is currently sitting above major daily support (low range, 18,500-19,000)," he explained in a Twitter thread.
“This is where the latest bear market rally began, indicating that there is strong demand here. A bounce from here towards the supply zone (22500-23000) would form a perfect S&S. "
Il Capo of Crypto added that each outage has been accompanied by a drop in volume, suggesting that sellers need to...
The dollar is overdue for a correction, which will briefly send risky assets, including crypto, “flying,” analyst concludes .
Market Update
Bitcoin (BTC) provided a long-awaited breakthrough on September 7, as the price action of BTC dashed the bulls' hopes of recovery.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView recorded sudden losses for BTC/USD later on September 6, with overnight lows hitting $18,540 on Bitstamp.
The pair hit its lowest levels since June 30, taking liquidity off the July low and recovering only marginally on the day.
BTC/USD 1-Day Candle Chart ( Bitstamp ). Source: TradingViewThe bearish price action followed nearly a week of sideways moves and volatility was nowhere to be found as market participants gritted their teeth in hope of an upward exit.
In this case, they were disappointed, but for popular Crypto trader Il Capo, there was still reason to believe that a relief bounce would occur.
"First off, price is currently sitting above major daily support (low range, 18,500-19,000)," he explained in a Twitter thread.
“This is where the latest bear market rally began, indicating that there is strong demand here. A bounce from here towards the supply zone (22500-23000) would form a perfect S&S. "
Il Capo of Crypto added that each outage has been accompanied by a drop in volume, suggesting that sellers need to...
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