BTC price action sees a new peak in October amid falling US dollar and successful US stock trading.
Bitcoin
BTC
dial down
$17,348
saw its first trip above $20,000 on Oct 4 as traders expected resistance to capitalization gains.
BTC/USD 1 hour candle (bit stamp). Source: TradingView
Multi-Week Dollar Lows Fuel Bitcoin Bulls
Data from Cointelegraph Markets Pro and TradingView shows that BTC/US dollar is up ahead of Wall Street’s open, more than 5% in 24 hours.
The pair shrugged off macro concerns at the start of the week, with problems at Credit Suisse and the escalation of the Russia-Ukraine conflict failing to dampen performance.
Now, short-term analysis is focused on a potentially closer run to $21,000, as happened late last month, as selling pressure remained significant at that level.
“20500-21000 is a sell zone. If the price gets there, I shouldn’t be too bullish,” popular Crypto trader Il Capo said on Twitter on the day.
Razzoorn, an analyst at international trading group The Birb Nest, noted that the current charge was Bitcoin’s fifth attempt to escape a large cloud of liquidity in a few weeks.
Despite potentially limited upside opportunity, Bitcoin fell in line with a broader risk asset that sent US stocks notably higher the day before.
At the same time, the US dollar suffered, the US Dollar Index (DXY) extended losses to hit 111 points and threatened support in place since mid-September.
Japanese US Dollar Index (DXY) 1-day candlestick. Source: TradingView
“The market is going up,” continued Michael van de Poppe, CEO and founder of Handelsplattform Aacht, more optimistically:
“Flip $19,500 for support. Now if the range top holds at $19,600 for Bitcoin, I assume we will continue to move towards $22,400.”
Altcoins are trying to change a trend
On top altcoins, it was Ether
ETH
dial down
$1,272
and ripple
XRP
dial down
for US$0.39
leading daily performance in writing.
Related: CoinShares Butterfill Suggests “Continuous Hesitations” Among Investors
ETH/USD traded above $1,350, still breaking its sideways trend for several weeks since heavy losses occurred during the post-merger crash.
Japanese ETH/USD 1-day candlestick (Binance). Source: TradingView
XRP, on the other hand, faced a more stubborn band of resistance after earlier gains, bouncing off multi-week support just below $0.45.
Japanese XRP/USD 1-day candle (Binance). Source: TradingView
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