Bitcoin price rises above $19.6,000 as US dollar strength drops to 3-week low
Dollar weakness shows instant results for BTC price strength, with local highs returning for a test.
Market Update
Bitcoin (BTC) rallied back to local highs during the October 25 Wall Street open as nervous analysts watched miners.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD rising to offer a modest challenge to resistance, still unable to break out of an established trading range.
US equities also edged higher, with the S&P 500 and Nasdaq Composite indices up 1% and 1.3% respectively at the time of writing.
The U.S. Dollar Index (DXY) conversely lost ground during the day, falling to its lowest level since Oct. 6 and providing potential tailwinds for risky assets to seal opportunistic gains.
United States Dollar Index (DXY) one-day candle chart. Source: TradingViewFor traders, the intraday status quo remained in place amid a continued lack of real volatility. Popular Twitter account Crypto Tony has highlighted significant range levels, with $18,900 an important area to hold.
BTC /USD annotated chart. Source: Crypto Tony/TwitterCrypto Ed, another trader, revealed he was "still waiting" for a correction to this level, followed by a bounce back past 19,100 $.
"It might even go down a bit lower and then come back here, that would be your entrance for a long time," he said.
Dollar weakness shows instant results for BTC price strength, with local highs returning for a test.
Market Update
Bitcoin (BTC) rallied back to local highs during the October 25 Wall Street open as nervous analysts watched miners.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD rising to offer a modest challenge to resistance, still unable to break out of an established trading range.
US equities also edged higher, with the S&P 500 and Nasdaq Composite indices up 1% and 1.3% respectively at the time of writing.
The U.S. Dollar Index (DXY) conversely lost ground during the day, falling to its lowest level since Oct. 6 and providing potential tailwinds for risky assets to seal opportunistic gains.
United States Dollar Index (DXY) one-day candle chart. Source: TradingViewFor traders, the intraday status quo remained in place amid a continued lack of real volatility. Popular Twitter account Crypto Tony has highlighted significant range levels, with $18,900 an important area to hold.
BTC /USD annotated chart. Source: Crypto Tony/TwitterCrypto Ed, another trader, revealed he was "still waiting" for a correction to this level, followed by a bounce back past 19,100 $.
"It might even go down a bit lower and then come back here, that would be your entrance for a long time," he said.
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