The price of bitcoin is approaching $19,300!

The price of bitcoin is approaching $19,300!

Bitcoin (BTC) traders expect additional volatility on September 29, as the BTC/USD pair stabilizes near $19,000.

Hourly candlestick chart of the BTC/USD pair (Bitstamp). Source: Trade View

Absence of volatility on the eve of monthly close

Data from Cointelegraph Markets Pro and TradingView showed a calm overnight phase for the largest cryptocurrency, which had hit daily highs above $19,600 the previous day.

These 6% gains were a relief after heavy losses earlier in the week. But with no clear guidance, market participants were still uncertain about how bitcoin would react to September’s monthly close.

“The local support would certainly be expected within this range, at least until Friday’s monthly and quarterly close, unless, of course, we have the biggest surprise. », abstract Content Indicators, an on-chain analysis platform.

Material Indicators cited order book data, suggesting that $18,000 could be a support range if further market weakness were to occur.

However, more generally, the famous Profit Doctor trading account claimed that range holding was still in order for the BTC/USD pair, and had been for several months.

“Interestingly, $BTC usually moves between 30-50 days in a sideways movement before a bearish phase. For the first time in two years, BTC decides to move more than 108 days in a sideways move. », writeon the same day:

“This is what a cycle of accumulation looks like. »

Annotated BTC price chart. Source: Doctor Profit/Twitter

The dollar is on the rise again after a brief decline

Macro’s trigger remained firmly on the radar in crypto circles, the day after the Bank of England enacted a major policy change, bringing back quantitative easing through the purchase of long-term government bonds, a move worth over $65 billion.

Also read: Bitcoin’s Great Medicine Could Drop Its Price to $12,000

Familiar to those who remember the birth of bitcoin, many believed that intervention was a starting point in the current inflationary environment.

For veteran investor Stanley Druckenmiller, while now is not the time to hold risky assets like crypto, the message was clear.

“I don’t have bitcoin […] It’s hard for me to hold something like this when central banks are tightening. he told CNBC host Joe Kernen in a September 28 interview:

“But yes, I still think if what the Bank of England has done is followed by actions like this by other central banks in the next two or three years, and things get bad…, I could see that cryptocurrency plays a big role in the Renaissance, because people are not relying on central banks. »

His comments drew the attention of Arthur Hayes, former CEO of derivatives giant BitMEX, who predicted earlier this year that a “death loop” was heading for the world’s major fiat currencies.

He argued this month, the euro was already in a fatal loop.

During the day, the US Dollar Index (DXY) recouped its recent losses, after hitting two-decade highs.

Hourly candlestick chart of the US Dollar Index (DXY). Source: Trade View

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of All investments and transactions involve risk. You should do your own research before making a decision.


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