Bitcoin price loses $20K as trader warns US dollar ‘not quite topped out’

Bitcoin (BTC), which was trading at $20,000, crossed the threshold after the Sept. 27 Wall Street Open as US equities rose.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

The U.S. Dollar has plenty of room for growth — traders

Data from TradingView and Cointelegraph Markets Pro confirmed that the $20,000 mark was only a tentative support for the day.

BTC/USD hit local highs of $20.344 overnight on Bitstamp, while U.S. Dollar strength provided modest relief for risk assets all around.

After two hours of trading, the S&P 500 Index and Nasdaq Composite Index were up 0.4% and 0.65% respectively. However, this was quickly reversed.

The U.S. Dollar index (DXY), which was also down 0.1% on the day, was back below the mark of 114 but still close to its highest level since mid-2002.

“U.S. open coming up. “Green numbers, Yields and $DXY are correcting,” Michael van de Poppe (founder and CEO of Eight trading firm) said.

“Q4 is a good time to invest in crypto.”

Crypto Tony, a popular trader, cautioned against assuming that DXY has reached a major top.

He stated, “Bad news to the Bitcoin pump, The Dollar has not yet topped out, so we are looking at more pumps on USD and setbacks in $BTC.”

“Keep an eye out for both these if your goal is to leverage BTC.”

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

Volume of Binance Bitcoin/USDT reaches all-time high

BTC price volatility continued with days before the monthly close. However, traders demanded that October, traditionally a better month for crypto return, deliver the goods in 2022.

Related: Bitcoin’s wallet is empty after a 10-year hibernation

Crypto Kaleo, a popular trading account, observed that Sept. was the worst month to track price action in the past decade — closing positive only 20% of times.” In a thread posted Sept. 26, Crypto Kaleo stated that “Tracking price movement over the last decade has shown that Sept. has far andaway been the most performing month for BTC — closing positively only 20% of time”.

“Silver lining – Oct. was one of the best months of BTC — positive 78% with a median gain 28%.”

Bitcoin’s first September “green” would require a close to $20,000

Screenshot of BTC/USD monthly returns chart Source: Coinglass

As a hint of what the month close may hold, Binance, a major exchange, recorded its highest daily trading volume ever for its BTC/USDT pairing, with more than 439,000 BTC being traded.

BTC/USDT 1-day candle graph (Binance), with volume. Source: TradingViewcom. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/bitcoin-price-loses-20k-as-trader-warns-us-dollar-not-quite-topped-out

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Donna Burk

Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami