The price of Bitcoin had to hold the crucial support level between $11,100-11,300, and it did.
The weekly is showing one massive crucial level that's been a hurdle for Bitcoin in the previous years.
The U.S. Dollar has been showing weakness since the massive crash in March 2020, causing the prices of gold, silver and Bitcoin to surge heavily.
The DXY is a great indicator to derive momentum on other "Safe haven" assets like gold, silver and Bitcoin.
As the dollar has been showing weakness, Bitcoin continued to climb since the March crash.
Such a correlation has also been seen in Bitcoin recently as BTC has been moving in lockstep with gold in recent months.
Altcoins are getting crushed by the recent moves in Bitcoin.
The moment that Bitcoin goes up while altcoins are getting sold off means that there's money flowing from altcoins into Bitcoin.
Moving forward, It's very likely to see Bitcoin's market dominance surge upward from here, with altcoins selling off further.
Critical indicators for the markets in the short term are the strength of Ether, and thus altcoins, against Bitcoin and the overall movements of the U.S. Dollar Currency Index.
Bitcoin price nears final hurdle at $12K before bull market euphoria
Udgivet den Oct 20, 2020
by Cointele | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.