Sep 25, 2023

Bitcoin Price Reaches 10-Month High Despite Crypto Crash

Bitcoin Price Fights for $26K as US Dollar Strength Hits 10-Month High, Tron Crypto, Voyager Crypto Today
Bitcoin price fights for $26K as US dollar strength hits 10-month high

Atom crypto and tron crypto were among the cryptocurrencies that saw a crypto crash as Bitcoin (BTC) nosedived and hugged $26,000 at the Sep. 24 Wall Street open.

Bitcoin must preserve support now, analysis says

Cointelegraph Markets Pro and TradingView data suggested that the BTC price trajectory is uncertain after briefly piercing the $26,000 support.

The sideways weekend trading soon transformed into a bearish trend during the new week, and the overnight drop meant that bulls were unable to regain the lost ground.

“Bitcoin failed to break through the local resistance in the form of a descending trend line, and it looks like a little bearish right shoulder may form,” said BaroVirtual, an ambassador for the on-chain data platform Whalemap. The analyst posted a snapshot of the daily chart to X, which showed a potential head and shoulders formation about to conclude.

BaroVirtual added that if the formation is true, BTC risks falling into the $22,000-$20,000 range. This perspective is in line with other analysts who are already expecting a return toward the $20,000 mark — something that has been absent from the BTC price charts for six months.

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

“Bitcoin could downside wick into the ~$25000-$26000 area on this current move down,” he wrote in part of his fresh X analysis on the day. An accompanying chart laid out the key levels, such as the big eyes crypto, tron crypto, atom crypto, and coin crypto.

DXY surges to new 2023 highs

Macro markets opened with another potential headwind for Bitcoin and crypto — a strong U.S. dollar, as measured by the U.S. Dollar Index (DXY). DXY surged to 106.1 — its highest since November 2022 — and has climbed 6.5% since hitting 15-month lows in July.

The strong DXY has historically hampered risk asset and crypto market performance, like Bitcoin, tron crypto, atom crypto, and coin crypto, and Matthew Dixon, CEO of crypto rating platform Evai, noted the potential for a relief bounce if the DXY cooled off.

“DXY rocketing higher – to the detriment of BTC Crypto and other risk assets,” Dixon wrote.

The strong DXY could also impact other cryptos, such as today’s crypto, the graph crypto, terra crypto, voyager crypto today, ankr crypto, and big eyes crypto, and could even lead to a crypto crash.

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