Bitcoin (BTC) rallied as bulls faced whale-sized sellers. It made a nice comeback after the September 28 Wall Street opening. So what’s next?
Bitcoin whales lurk with $20,000
The data indicated that BTC/USD hit $19,656 on Bitstamp. In other words, it showed that BTC gained over $ 1,000 during the day. The S&P 500 and the Nasdaq Composite Index rose 1.5 percent and 2.2 percent, respectively. Now, analysis has warned that the area of around $20,000 is aligned with large volume traders looking to continue making profits.
Analysis source Material Indicators pointed to the BTC/USD chart on Binance. He commented, “The brown color spilled on the BTC support to minimize the price change indicates Mega Whales.” The snapshot below confirmed most of the pending resistance just below the $20,000 mark. Material Indicators said they were wondering if the resistance/support conversion at the $19.5K level would affect another rise to the US dollar.
Analysts say investors shouldn’t start celebrating right away
Meanwhile, on-chain analytics platform CryptoQuant analyst Maartunn shared his negative forecast, recording a wide bidding space of $18,000 to $18,500. This area was currently valued at approximately $65 million. It was potentially a support cushion. cryptocoin.com As we reported, the region below the June low of $17,600 lacked bid support. It was said that this created a potential towards $12,000.
Popular Twitter account Cheds warned that “the bulls should start celebrating”. In terms of the strength of the current bounce, traders were skeptical. Currently, the BTC/USD pair is changing hands at $19,440, up 2.8 percent. The cryptocurrency has experienced a 4.8 percent jump in the last 7 days.
Dollar slumps after 20-year high
Markets are also affected by macro developments. What stands out today in the macro space is the move from the Bank of England. The UK has turned to quantitative easing (QE) after financial turmoil hit the currency and bond markets. The Bank of England started an immediate recovery for GBP/USD after the pair hit all-time lows.
Already recording a two-year high, the US dollar continued to bounce back its gains. At the time of writing, the US dollar index (DXY) looked set to return below 113, down 1.5 points on the day. “We will end the week strong for Bitcoin and Stocks as we enter Pumptober,” said analyst named IncomeSharks. The analyst mentioned that historically, there was a rise in October.
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