The Bitcoin price is rising while the US dollar is depreciating and US stocks are having a successful day.
Bitcoin Back Above $20,000
Bitcoin (BTC) rose above USD 20,000 for the first time on October 4. This is partly because traders expected resistance to cap gains.
Bitcoin rose 5% against the US dollar prior to the opening of Wall Street.
The pair had shaken off macroeconomic concerns early in the week. For example, there were problems at Credit Suisse and there was the conflict between Russia and Ukraine that did not slow down performance.
The short-term analysis focused on a run that could potentially get closer to $21,000, as it did late last month.
The $20,500 – $21,000 is a sell zone. If the price gets there, which it should, don’t be too bullis.
– Crypto trader Il Capo
Razzoorn, an analyst with international trading group The Birb Nest, says this was Bitcoin’s fifth attempt to escape a major liquidity cloud in a matter of weeks.
At the same time, the US dollar suffered. The US dollar index (DXY) fell nearly 111 points.
Up the market goes. If the range holds around $19,600 for Bitcoin, I assume we will continue toward $22,400.”
– Michael van de Poppe.
Altcoins try to change trend
Among the major altcoins, it was Ether (ETH) and Ripple (XRP) that performed best.
ETH is currently trading above $1,350 but has yet to break the several week sideways trend after taking major losses following the Merge.
XRP, on the other hand, faced a more persistent resistance band following previous gains. The XRP is currently trading just below USD 0.45