Bitcoin

Rekt

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 Bitcoin faces the highest levels in the U.S. dollar index (DXY) of 2023 so far as BTC price action wobbles. 
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 Bitcoin (BTC) hugged $26,000 at the Sep. 24 Wall Street open as a weekly close “nosedive” brought lasting consequences.
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 <img src="https://cdn.thebittimes.com/images/2023/09/25/b02bb9458a1c2b221b7254e241bb8d05.webp">
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 BTC/USD 1-hour chart. Source: TradingView
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 <h2 id="bitcoin-must-preserve-support-now-analysis-says">Bitcoin must preserve support now, analysis says</h2>
 Data from Cointelegraph Markets Pro and TradingView showed BTC <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> 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.
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 #Bitcoin Weekend price action wasn't exciting until the later hours on Sunday as expected. Price held around the CME Close price until futures opened and then took a nose dive. https://t.co/HgmYShdrjA pic.twitter.com/VAzov8haCJ— Daan Crypto Trades (@DaanCrypto) September 25, 2023
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 “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.
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 <img src="https://cdn.thebittimes.com/images/2023/09/25/7e683f2e492498493ec12a34d9dd036f.webp">
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 BTC/USD annotated chart. Source: BaroVirtual/X
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 That perspective chimed with others already expecting a return toward the $20,000 mark — something absent from the BTC <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> charts for six months.
 Popular trader and analyst Rekt Capital, who previously envisaged the possible reappearance of the low $20,000s&nbsp;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 <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> on the day.
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 “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.’”
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 An accompanying chart laid out the key levels.
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 <img src="https://cdn.thebittimes.com/images/2023/09/25/4bf994878c1b57b31ef09b5578cc2639.webp">
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 <h2 id="dxy-surges-to-new-2023-highs">DXY surges to new 2023 highs</h2>
 Macro markets meanwhile opened to another potential headwind for Bitcoin and crypto — an unrelentingly strong U.S. <a rel="dofollow" title="dollar" href="https://thebittimes.com/tag/dollar.html">dollar</a>.
 Related:&nbsp;US gov’t shutdown looms — 5 things to know in Bitcoin this week
 The U.S. <a rel="dofollow" title="dollar" href="https://thebittimes.com/tag/dollar.html">dollar</a> index (DXY) continued its march higher, hitting 106.1 — its highest since November 2022.
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 <img src="https://cdn.thebittimes.com/images/2023/09/25/e060ea13b624ab4201fc1a57977e12ee.webp">
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 U.S. dollar index (DXY) 1-day chart. Source: TradingView
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 Since hitting 15-month lows in July, DXY has climbed 6.5%, displaying strength which historically has hampered risk asset and crypto market performance.
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 Painful grind lower on risk assets as yields and DXY grind higher Going to let this trading session develop more https://t.co/C67I5tJHRH— Skew Δ (@52kskew) September 25, 2023
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 “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. 
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-fights-for-26k-as-us-dollar-strength-hits-10-month-high-tbt63951.html">https://thebittimes.com/bitcoin-price-fights-for-26k-as-us-dollar-strength-hits-10-month-high-tbt63951.html</a>

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

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