Bitcoin price skirts $19.3K amid fear over ‘mother of all rug pulls’

Bitcoin (BTC) merchants lay in look ahead to recent volatility on Sept. 29 as BTC/USD cooled close to $19,000.

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

Volatility absent a day earlier than the month-to-month shut

Information from Cointelegraph Markets Pro and TradingView charted a peaceful in a single day section for the most important cryptocurrency, which hit intraday highs above $19,600 the day prior.

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These 6% beneficial properties have been a welcome reduction after heavy losses earlier within the week, nevertheless it no clear path, market members have been nonetheless unsure over how Bitcoin would deal with the September month-to-month shut.

“Can actually construct a case for native assist holding on this vary, no less than till the month-to-month and quarterly shut on Friday, until, in fact, we get the mom of all rug pulls,” on-chain analytics useful resource Materials Indicators summarized.

Materials Indicators referenced order book data which instructed that $18,000 might present vary assist within the occasion of recent market weak point.

Extra broadly, nevertheless, widespread buying and selling account Physician Revenue argued that rangebound habits was nonetheless the pattern on BTC/USD, this in place for a number of months.

“Attention-grabbing, $BTC often strikes between 30-50 days in a sideway motion earlier than a leg down. For the primary time inside two years, BTC decides to maneuver greater than 108 days in a sideway motion,” it wrote on the day:

“That is how accumulation cycle seems to be like.”

BTC worth motion annotated chart. Supply: Physician Revenue/ Twitter

Greenback again on the up after transient retracement

Macro triggers remained firmly on the radar in crypto circles the day after the Financial institution of England enacted a significant coverage shift, bringing again quantitative easing (QE) by shopping for long-term authorities bonds — a transfer to be price $65 billion.

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Grimly acquainted to these who remember the birth of Bitcoin, the intervention was seen by many as some extent of no return within the present inflationary surroundings.

For veteran investor Stanley Druckenmiller, whereas the time was not proper to personal risk-on belongings comparable to crypto, the writing was on the wall.

“I don’t personal Bitcoin… I — it’s robust for me to personal something like that with central banks tightening,” he told CNBC host Joe Kernen in an interview on Sept. 28:

“However yeah, I nonetheless assume — if the Financial institution of England, what they did is adopted by stuff like that by different central banks within the subsequent two or three years, if issues get actually dangerous… I might see cryptocurrency having an enormous function in a Renaissance as a result of folks simply aren’t going to belief the central banks.”

His phrases caught the eye of Arthur Hayes, the previous CEO of derivatives large, BitMEX, who earlier this yr predicted a “doom loop” taking maintain of the world’s main fiat currencies.

The euro, he claimed this month, had already commenced its doom loop.

Elsewhere on the day, the U.S. greenback index (DXY) was recouping current losses after hitting its newest two-decade highs.

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

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Each funding and buying and selling transfer entails threat, it’s best to conduct your individual analysis when making a call.