Bitcoin

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“On October 4th, Bitcoin appeared remarkably stable when compared to the U.S. Dollar Index. BTC’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> levels hovered near the spot <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>, giving the impression of a stablecoin amidst the stormy seas of financial markets.
An analysis of the situation revealed that $27,000 had become a pivotal figure for BTC’s price. Data obtained from Cointelegraph Markets Pro and TradingView indicated a relatively tranquil day for BTC’s price action, even as the U.S. dollar experienced significant volatility.
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Bitcoin, after a period of frenetic trading at the beginning of the week, once again found itself searching for direction. Market observers identified specific price levels as key points of interest. Notably, influential trader Skew drew attention to market participants selling at around the $27,600 mark, assigning great significance to this price level’s potential reclamation.
He confidently predicted, ‘Once we secure that reclamation, expect a substantial upswing.’ These insights were part of Skew’s <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, posted on X (formerly known as Twitter) on October 4th.
In his accompanying commentary, he remarked, ‘Bitcoin is showing a response to its initial foray into my trading zone, tapping the breakout trendline. Market conditions in traditional finance aren’t particularly favorable at the moment, so the pressure on Bitcoin is substantial. Let’s see if BTC can maintain this position until other markets stabilize, as holding on to the $27,000 mark is paramount for $BTC!’
Bitcoin, like a patient observer, bides its time while the U.S. <a rel="noopener noreferrer nofollow" title="dollar" href="https://thebittimes.com/tag/dollar.html">dollar</a> experiences a sharp retracement. As experts like Cullen and others pointed out, the mood in traditional markets on October 4th was considerably less stable compared to the cryptocurrency giant.
This unease stemmed from the U.S. 30-year bond yields surging to their highest levels in 16 years—a development that left market commentators wary of a potential market meltdown. Skew suggested that this apprehension regarding the consequences of macroeconomic forces was the primary reason behind the subdued BTC trading volume.
One X post concurred, stating, ‘Apart from a few tentative buyers, most participants are waiting on the sidelines. It seems that the market is currently grappling with assessing risk parameters and exposure. Under these conditions of market distress, many are opting to convert their holdings into cash.’
The U.S. dollar, prior to the Wall Street opening, had its own share of turbulence, with the U.S. Dollar Index (DXY) swiftly plummeting to levels last witnessed in the fourth quarter of the previous year.
In line with recent trends, BTC/USD remained resilient in the face of sudden DXY movements. Offering insights into the situation, Sven Henrich, the founder of NorthmanTrader, pointed out that the long-term performance of the DXY chart was behaving as anticipated.
He noted, ‘Amidst all the chaos and volatility, there is one chart that remains remarkably consistent—the U.S. <a rel="noopener noreferrer nofollow" title="dollar" href="https://thebittimes.com/tag/dollar.html">dollar</a>, respecting its channel trend lines. We can observe a negative divergence at recent highs at the upper boundary of this channel. How this situation unfolds will likely become one of the key driving factors in the market for the remainder of the year.'”
The post Since the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of <a rel="noopener noreferrer nofollow" title="BITCOIN" href="https://thebittimes.com/tag/bitcoin.html">BITCOIN</a> <a rel="noopener noreferrer nofollow" title="overlooks" href="https://thebittimes.com/tag/overlooks.html">overlooks</a> the <a rel="noopener noreferrer nofollow" title="fluctuating" href="https://thebittimes.com/tag/fluctuating.html">fluctuating</a> US <a rel="noopener noreferrer nofollow" title="dollar" href="https://thebittimes.com/tag/dollar.html">dollar</a>, <a rel="noopener noreferrer nofollow" title="traders" href="https://thebittimes.com/tag/traders.html">traders</a> hope $27K <a rel="noopener noreferrer nofollow" title="holds" href="https://thebittimes.com/tag/holds.html">holds</a>. appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/since-the-price-of-bitcoin-overlooks-the-fluctuating-us-dollar-traders-hope-27k-holds-tbt65437.html">https://thebittimes.com/since-the-price-of-bitcoin-overlooks-the-fluctuating-us-dollar-traders-hope-27k-holds-tbt65437.html</a>

Since the price of bitcoin overlooks the fluctuating US dollar, traders hope $27K holds.

TheBitTimes

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