Non Cult Crypto News

Non Cult Crypto News

in ,

Bitcoin price fights for $26K as US dollar strength hits 10-month high

Bitcoin faces the highest levels in the U.S. dollar index (DXY) of 2023 so far as BTC price action wobbles.

Bitcoin price fights for $26K as US dollar strength hits 10-month high

Join us on social networks

Bitcoin (BTC) hugged $26,000 at the Sep. 24 Wall Street open as a weekly close “nosedive” brought lasting consequences.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin must preserve support now, analysis says

Data from Cointelegraph Markets Pro and TradingView showed BTC price trajectory uncertain after briefly piercing $26,000 support.

Sideways weekend trading soon turned sour into the new week, and upset overnight meant that bulls were unable to recoup lost ground.

“Bitcoin failed to break through local resistance in the form of a descending trend line, and it looks like a little bearish right shoulder may form,” analyst BaroVirtual, an ambassador for on-chain data platform Whalemap, summarized.

BaroVirtual uploaded a daily chart snapshot to X, showing a potential head and shoulders formation about to conclude.

“If true, BTC risks falling into the $22,000-$20,000 range,” it added.

BTC/USD annotated chart. Source: BaroVirtual/X

That perspective chimed with others already expecting a return toward the $20,000 mark — something absent from the BTC price charts for six months.

Popular trader and analyst Rekt Capital, who previously envisaged the possible reappearance of the low $20,000s as part of a breakdown from a double top structure, now placed emphasis on holding current levels as support.

“Bitcoin could downside wick into the ~$25000-$26000 area on this current move down,” he wrote in part of fresh X analysis on the day.

“But if ~$26000 begins to act as resistance then that could be a bearish contributing sign that the ~$25000-$26000 area is weakening as support. If BTC turns the ~$25000-$26000 area into new resistance, price would collapse somewhere into the ~$22000-$24000 region to find a Local Bottom ‘C.’”

An accompanying chart laid out the key levels.

DXY surges to new 2023 highs

Macro markets meanwhile opened to another potential headwind for Bitcoin and crypto — an unrelentingly strong U.S. dollar.

Related: US gov’t shutdown looms — 5 things to know in Bitcoin this week

The U.S. dollar index (DXY) continued its march higher, hitting 106.1 — its highest since November 2022.

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

Since hitting 15-month lows in July, DXY has climbed 6.5%, displaying strength which historically has hampered risk asset and crypto market performance.

“DXY rocketing higher – to the detriment of BTC Crypto and other risk assets,” Matthew Dixon, CEO of crypto rating platform Evai, wrote in part of a reaction.

Dixon had previously eyed a potential cooling off in DXY strength, giving Bitcoin and altcoins room for a relief bounce.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article first appeared at News

What do you think?

Written by Outside Source

Max Keiser Calls Ripple (XRP) Centralized Fiat-Shitcoin: CTO Retaliates

$200M Mixin Network hack draws controversy

Back to Top

Ad Blocker Detected!

We've detected an Ad Blocker on your system. Please consider disabling it for Non Cult Crypto News.

How to disable? Refresh

Log In

Or with username:

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

To use social login you have to agree with the storage and handling of your data by this website.

Add to Collection

No Collections

Here you'll find all collections you've created before.