bitcoinThe move slowed down a bit near $17,000 as the coin tried to strengthen its upside move.
According to CoinMarketCap data BTC/USD The parity reached three-week highs. This was an important detail showing that the overnight gains were retained.
The weekly close, on the other hand, moved close to pre-FTX crash levels. This situation not only pleased the investors but also encouraged investment.
Traders are hoping for the upside move to $20,000 as various resistance zones emerge.
Michael van de Poppe On the other hand, he has the view that the Bitcoin price is slowly but surely rising. Breaking the region between $17,400 and $17,600 is critical. If this happens, a move towards $19,000 is possible.
Titan of Crypto, Bitcoin price marked the $18,500 level as a tough resistance zone to watch. As a result, he has the view that a daily close above $17,167 would be encouraging.
DoopieCash, with a chart showing $17,552 as the critical level on daily timeframes, “Are we leaving the range this week?” He shared his guess by asking the question.
Mustache remains optimistic about Bitcoin price. A classic bottom pattern has formed on the 12-hour chart, signaling the formation of an “inverted head and shoulders” pattern as a result.
Dollar Index Will Determine Bitcoin Price
After a strong day in Asian markets, eyes turned to US stocks. Hong Kong’s Hang Seng rose 4.5% on the day, while the Shanghai Composite Index gained nearly 1.8%.
The US dollar index remained in focus and approached five-month lows, which could be a positive for Bitcoin.
Sven Henrich, founder of NorthmanTrader, drew attention to the ongoing inverse correlation between DXY and S&P 500.
“An important chart to navigate the markets over the past few months: As a result, the US dollar has a directional correlation of $SPX. It is still watching at 95%,” he shared the comments.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.