Bitcoin price loses $20,000 as trader warns US dollar 'not quite overtaken'
Bitcoin fails to avoid falling back below $20,000 after local highs prove too hard to sustain.
Market Update
Bitcoin (BTC) broke through the $20,000 mark after Wall Street opened on September 27, as US stocks edged higher.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView confirmed that the $20,000 mark is barely left as interim support for the day.
BTC/USD hit local highs of $20,344 on Bitstamp overnight, while retracement of US dollar strength provided some relief to risk assets across the board.
The S&P 500 and the Nasdaq Composite Index were up 0.4% and 0.65%, respectively, after two hours of trading, but then reversed.
Meanwhile, the US Dollar Index (DXY) fell 0.15% on the day, dropping back below 114, but still close to its highest since mid-2002.
“U.S. open ahead. Green numbers, while yields and $DXY correct,” commented Michaël van de Poppe, founder and CEO of trading firm Eight.
"It's time for the fourth quarter to be good for crypto."
Popular Crypto trader Tony nevertheless cautioned against assuming that DXY had made a major high.
"Bad news for the Bitcoin pump, the dollar hasn't peaked yet, so we're looking for more dollar pumps and $BTC setbacks," he said.
“Keep an eye out for both of these if you plan to use BTC.”
United States Dollar Index (DXY) one-day candle chart. Source: TradingView
Bitcoin fails to avoid falling back below $20,000 after local highs prove too hard to sustain.
Market Update
Bitcoin (BTC) broke through the $20,000 mark after Wall Street opened on September 27, as US stocks edged higher.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView confirmed that the $20,000 mark is barely left as interim support for the day.
BTC/USD hit local highs of $20,344 on Bitstamp overnight, while retracement of US dollar strength provided some relief to risk assets across the board.
The S&P 500 and the Nasdaq Composite Index were up 0.4% and 0.65%, respectively, after two hours of trading, but then reversed.
Meanwhile, the US Dollar Index (DXY) fell 0.15% on the day, dropping back below 114, but still close to its highest since mid-2002.
“U.S. open ahead. Green numbers, while yields and $DXY correct,” commented Michaël van de Poppe, founder and CEO of trading firm Eight.
"It's time for the fourth quarter to be good for crypto."
Popular Crypto trader Tony nevertheless cautioned against assuming that DXY had made a major high.
"Bad news for the Bitcoin pump, the dollar hasn't peaked yet, so we're looking for more dollar pumps and $BTC setbacks," he said.
“Keep an eye out for both of these if you plan to use BTC.”
United States Dollar Index (DXY) one-day candle chart. Source: TradingView
What's Your Reaction?
