Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

NewsBTC 2022-09-28 19:40:19

Bitcoin Reclaims $19,500 As Dollars Plummets, Will BTC See More Upside?

Bitcoin has displayed some strength during today’s trading session after re-visiting the bottom of an important trendline. The benchmark crypto has been trading in a tight range, between $18,600 and $19,500, but the monthly close might support a spike in volatility as bulls and bears fight for this candle. Related Reading: 2022: The Year Extreme Fear Took Over The Crypto Market At the time of writing, Bitcoin (BTC) trades at $19,400 with a 2% profit in the last 24 hours and 7 days. Other cryptocurrencies seem to be the following Bitcoin as they record small profits on low timeframes. The benchmark crypto might be preparing for further gains. Bitcoin Sets The Stage For More Profits? In addition to the monthly close, Bitcoin’s recent price action seems to be supported by a crash in the U.S. Dollar. The currency was able to reach levels last seen in the early 2000s, as it touched 115 on the DXY Index, but it was rejected from these levels. At the time of writing, the DXY Index trades at 112 and might return to its early September lows much southern. The DXY Index’s rally has been one of the main obstacles capping the upside in Bitcoin and other risk-on assets, such as equities. In that sense, a revisit of the September lows might allow the crypto market to extend its current bullish price action over the coming weeks. According to analyst Justin Bennett, the DXY Index price action might support a Bitcoin rally back to $26,000. Th...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.