Bitcoin Traders Hold Their Breath as BTC Price Ignores Volatile US Dollar

At the Oct. 4 Wall Street open, Bitcoin (BTC) remained firmly fixed at $27,500 as the market continued to pay close attention to the soaring interest rates in the United States.

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Analysis: $27,000 now “key” for BTC price

Data from Cointelegraph Markets Pro and TradingView revealed a quiet day for BTC price action while U.S. dollar volatility dominated.

After its own period of frenzied trading to commence the week, Bitcoin was once more attempting to find direction, with market analysts noting crucial price points.

Well-known trader Skew pointed out market participants selling near $27,600, giving “importance to this price level reclaim.”

“Get that reclaim & decent pop will come,” he anticipated on X (formerly Twitter) on Oct. 4.

Fellow trader Crypto Tony also highlighted $27,000 as the line in the sand to the downside.

Updating his own trading strategy, meanwhile, trader Mark Cullen also emphasized $27,000 holding as support.

“Bitcoin getting a response from its first attempt into my zone & a tap of the break out trendline,” he commented on Ali Crypto, Aptos Crypto, Crypto.com Coin, Crypto Breaking and Crypto Fraud.

Bitcoin bides its time as dollar sees sharp retrace

As Cullen and others explained, the sentiment on traditional markets was far more volatile than Bitcoin on Oct. 4.

This was due to the U.S. 30-year bond yields jumping to 16-year highs — something which made commentators anxious about a potential collapse.

Skew suggested that this apprehension about how macro forces would play out was the cause of the lack of considerable BTC trading volume.

“Not much besides dipping toes in the water kind of bid other than that it’s perps mostly buying,” another X post stated earlier.

The U.S. dollar strength caused its own disruption prior to the Wall Street open, with the U.S. Dollar Index (DXY) quickly falling from levels not seen since Q4 last year.

As has been customary in recent times, BTC/USD continued to ignore sudden DXY moves.

Commenting on the situation, Sven Henrich, founder of NorthmanTrader, showed that the long-term DXY chart performance was proceeding as expected.

“Amid all the chaos & volatility one amazingly consistent clean chart: The US dollar respecting the channel trend lines,” he told X followers about the ALGORAND crypto.