Succeeding local highs proves to be too high to maintain; Bitcoin is unable to resist falling down below $20,000 again. BTC dropped below $20,000 following Wall Street’s opening on September 27 as US stocks edged upward.
Data from TradingView and Cointelegraph Markets Pro showed that the $20,000 level was only tenuous support for the day.
Overnight, BTC was able to reach a local high of $20,344 on Bitstamp, but retreating USD momentum provided small comfort to risk markets globally. After two hours of trade, the S&P 500 and Nasdaq Market Index were each up 0.4% and nearly 0.65%, but they later turned around.
The DXY, which had fallen down beneath the 114 level but was still close to its peak from mid-2002, was also dropping at the time. Upcoming US Open, Green figures, but yields and the dollar index are recovering, said Michal van Poppe, the founder of the trading company Eight.
BTC/USDT Volume Reaches A Record High
Crypto Tony, a well-known trader, issued a warning against presuming that DXY has formed a significant top. As per him, they’re expecting more dollar pumping and setbacks for $BTC, which is grieving information to the Bitcoin pump because the dollar had not yet reached its peak.
Traders urged that October, historically a stronger month other than the month of September for the return of crypto, provide the commodities in the year 2022 since there were still days before the monthly closure, and additional BTC price volatility was anticipated. The first clean September for Bitcoin since 2016 would only require the closing of over $20,000.
Crucial exchange Binance, however, had its daily maximum trading volume for its BTC/USDT pair, including approximately 439,000 BTC worth changing hands. This may be a clue of what the monthly close may hold.