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

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Bitcoin (BTC) crossed beneath $20,000 after the Sept. 27 Wall Avenue open as United States equities inched greater.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

U.S. greenback has room to run — dealer

Information from Cointelegraph Markets Pro and TradingView confirmed the $20,000 mark barely remaining as tentative help on the day.

BTC/USD had managed native highs of $20,344 on Bitstamp in a single day, whereas retracing U.S. greenback power gave modest aid to threat belongings throughout the board.

The S&P 500 and Nasdaq Composite Index had been up 0.4% and 0.65%, respectively after two hours’ buying and selling, however subsequently reversed.

On the identical time, the U.S. greenback index (DXY) was down 0.15% on the day, again beneath the 114 mark however nonetheless close to its highest since mid-2002.

“U.S. open arising. Inexperienced numbers, whereas Yields & $DXY are correcting,” Michaël van de Poppe, founder and CEO of buying and selling agency Eight, commented.

“Time for This autumn to be good for crypto.”

Well-liked dealer Crypto Tony nonetheless cautioned on assuming that DXY had put in a significant prime.

“Dangerous information for the Bitcoin pump, the Greenback has not fairly topped out but, so we’re on the lookout for extra pumps on the greenback and setbacks on $BTC,” he determined.

“Keep watch over each of those in case you plan on leveraging BTC.”

U.S. greenback index (DXY) 1-day candle chart. Supply: TradingView

Binance BTC/USDT quantity hits all-time excessive

With days to go earlier than the month-to-month shut, additional BTC value volatility was anticipated, whereas merchants demanded that October — historically a better month than September for crypto return — ship the products in 2022.

Associated: More ancient Bitcoin leaves its wallet after 10-year hibernation

“Monitoring value motion over the previous decade, Sept. has far and away been the worst performing month for BTC – closing optimistic solely 20% of the time,” common buying and selling account Crypto Kaleo observed in a thread on Sep. 26.

“Silver lining – Oct. has been among the best months for BTC – optimistic 78% of the time w/ a median acquire of 28%.”

An in depth above $20,000 could be simply sufficient for Bitcoin’s first “green” September since 2016.

BTC/USD month-to-month returns chart (screenshot). Supply: Coinglass

In an indication of what the month-to-month shut might need in retailer, in the meantime, main trade Binance recorded its highest-ever each day buying and selling quantity for its BTC/USDT pair, with over 439,000 BTC equal altering arms.

BTC/USDT 1-day candle chart (Binance) with quantity. Supply: TradingView

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Each funding and buying and selling transfer includes threat, it’s best to conduct your personal analysis when making a choice.