Bitcoin

Rekt (rektarb.xyz)

Rekt

<div class="sg-post-des"> Bitcoin faces the highest levels in the U.S. dollar index (DXY) of 2023 so far as BTC price action wobbles.
</div><div class="cointelegraph">Bitcoin (BTC) hugged $26,000 at the Sep. 24 Wall Street open as a weekly close “nosedive” brought lasting consequences.<figure><img src="https://cdn.thebittimes.com/images/2023/09/25/b02bb9458a1c2b221b7254e241bb8d05.webp"><figcaption>BTC/USD 1-hour chart. Source: TradingView</figcaption></figure><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 href="https://thebittimes.com/tag/price.html" rel="noopener noreferrer nofollow">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.<blockquote class="twitter-tweet">#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 </blockquote>“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.<figure><img src="https://cdn.thebittimes.com/images/2023/09/25/7e683f2e492498493ec12a34d9dd036f.webp"><figcaption>BTC/USD annotated chart. Source: BaroVirtual/X</figcaption></figure>That perspective chimed with others already expecting a return toward the $20,000 mark — something absent from the BTC <a href="https://thebittimes.com/tag/price.html" rel="noopener noreferrer nofollow">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 href="https://thebittimes.com/analysis.html" rel="noopener noreferrer nofollow">Analysis</a> on the day.<blockquote> “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.’” </blockquote>An accompanying chart laid out the key levels.<figure><img src="https://cdn.thebittimes.com/images/2023/09/25/4bf994878c1b57b31ef09b5578cc2639.webp"></figure><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 href="https://thebittimes.com/tag/dollar.html" rel="noopener noreferrer nofollow">dollar</a>.Related:&nbsp;US gov’t shutdown looms — 5 things to know in Bitcoin this weekThe U.S. <a href="https://thebittimes.com/tag/dollar.html" rel="noopener noreferrer nofollow">dollar</a> index (DXY) continued its march higher, hitting 106.1 — its highest since November 2022.<figure><img src="https://cdn.thebittimes.com/images/2023/09/25/e060ea13b624ab4201fc1a57977e12ee.webp"><figcaption>U.S. dollar index (DXY) 1-day chart. Source: TradingView</figcaption></figure>Since hitting 15-month lows in July, DXY has climbed 6.5%, displaying strength which historically has hampered risk asset and crypto market performance.<blockquote class="twitter-tweet">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 </blockquote>“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.</div>Source: <a href="https://thebittimes.com/bitcoin-price-fights-for-26k-as-us-dollar-strength-hits-10-month-high-tbt63951.html" rel="noopener noreferrer nofollow">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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