Bitcoin

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 Bitcoin looks like a stablecoin compared to the U.S. dollar index on the day, with BTC price levels of interest close to spot.
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 Bitcoin (BTC) stayed glued to $27,500 at the Oct. 4 Wall Street open as attention continued to focus on rampant United States yields.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/04/29a07b20db10a4814005b00d9108897b.webp">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
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 <h2 id="analysis-27-000-now-key-for-btc-price">Analysis: $27,000 now "key" for BTC price</h2>
 Data from Cointelegraph Markets Pro and TradingView showed a calm day for BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action while U.S. <a rel="noopener noreferrer nofollow" title="dollar" href="https://thebittimes.com/tag/dollar.html">dollar</a> volatility ruled.
 After its own spate of hectic trading to start the week, Bitcoin was once more seeking direction, with market observers marking out key price points.
 Popular trader Skew flagged market takers selling toward $27,600, lending “importance to this price level reclaim.”
 “Get that reclaim &amp; decent pop will come,” he predicted in part of the day’s X <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>.
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 $BTC takers selling into $27.6K adds importance to this price level reclaim Get that reclaim &amp; decent pop will come note coinbase CVD (actual buyer led price into $27.6K) pic.twitter.com/Jr6MDb7ru1— Skew Δ (@52kskew) October 4, 2023
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 Fellow trader Crypto Tony additionally highlighted $27,000 as the line in the sand to the downside.
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 $BTC / $USD - Update Holding that $27,000 low, so i remain long for the time being and would be shorting if we lose this low here, or pump up and reject hard as suggested on chart below pic.twitter.com/bSDjWWaJEU— Crypto Tony (@CryptoTony__) October 4, 2023
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 Updating his own trading strategy, meanwhile, <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> Mark Cullen likewise placed emphasis on $27,000 holding as support.
 “Bitcoin getting a reaction from its first attempt into my zone &amp; a tap of the break out trendline,” accompanying commentary stated.
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 “Market conditions in Tradfi aren't great so pressure's down. Lets see if BTC can hold this area for a while longer, until other markets stabilize. Holding 27k is key for $BTC!”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/04/218f18b04a163282b2dd9453c390def6.webp">
 <figcaption style="text-align: center;">BTC/USD annotated chart. Source: Mark Cullen/X
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 <h2 id="bitcoin-bides-its-time-as-dollar-sees-sharp-retrace">Bitcoin bides its time as dollar sees sharp retrace</h2>
 As Cullen and others explained, the mood on legacy markets was decidedly less stable than Bitcoin on the day.
 Related:&nbsp;Bitcoin analysts still predict a BTC price crash to $20K
 This came thanks to U.S. 30-year bond yields surging to 16-year highs — something which got commentators wary of a potential meltdown to come.
 Skew suggested that this angst over how macro forces would play out was responsible for the lack of significant 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.
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 “Market is likely trying to digest everything that is going on terms of risk parameters and exposure. Many are capitulating to cash imo under market distress.”
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 U.S. dollar strength delivered upheaval of its own prior to the Wall Street open, with the U.S. dollar index (DXY) swiftly dropping from levels not seen since Q4 last year.
 As customary in recent times, BTC/USD continued to shake off snap DXY moves.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/04/c8a3318db5cfa5f2212e82f07133f4c9.webp">
 <figcaption style="text-align: center;">U.S. dollar index (DXY) 1-hour chart. Source: TradingView
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 Commenting on the situation, Sven Henrich, founder of NorthmanTrader, showed that long term, DXY chart performance was behaving as expected.
 “Amid all the chaos &amp; volatility one amazingly consistent clean chart: The US <a rel="noopener noreferrer nofollow" title="dollar" href="https://thebittimes.com/tag/dollar.html">dollar</a> respecting the channel trend lines,” he told X subscribers.
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 “Negative divergence on recent highs at top of the channel. What happens with this will likely be one of the key market drivers for the rest of the year.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/04/e4ab4002cc2eb94786e01b55650dc15d.webp">
 <figcaption style="text-align: center;">U.S. dollar index (DXY) chart. Source: Sven Henrich/X
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 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="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-traders-hope-27k-holds-as-btc-price-ignores-volatile-us-dollar-tbt65105.html">https://thebittimes.com/bitcoin-traders-hope-27k-holds-as-btc-price-ignores-volatile-us-dollar-tbt65105.html</a>

Bitcoin traders hope $27K holds as BTC price ignores volatile US dollar

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