{"id":13383,"date":"2023-09-26T00:15:22","date_gmt":"2023-09-26T00:15:22","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13383"},"modified":"2023-09-26T00:15:25","modified_gmt":"2023-09-26T00:15:25","slug":"bitcoin-price-fights-for-26k-as-us-dollar-strength-hits-10-month-high","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13383","title":{"rendered":"Bitcoin price fights for $26K as US dollar strength hits 10-month high"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) hugged $26,000 at the Sept. 24 Wall Street open as a weekly close \u201cnosedive\u201d brought lasting consequences.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Bitcoin must preserve support now, analysis says<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC price trajectory uncertain after briefly piercing $26,000 support.<\/p>\n<p>Sideways weekend trading soon turned sour into the new week, and upset overnight meant that bulls were unable to recoup lost ground.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin Weekend price action wasn&#8217;t exciting until the later hours on Sunday as expected.<\/p>\n<p>Price held around the CME Close price until futures opened and then took a nose dive. https:\/\/t.co\/HgmYShdrjA pic.twitter.com\/VAzov8haCJ<\/p>\n<p>\u2014 Daan Crypto Trades (@DaanCrypto) September 25, 2023<\/p>\n<p>\u201cBitcoin failed to break through local resistance in the form of a descending trend line, and it looks like a little bearish right shoulder may form,\u201d analyst BaroVirtual, an ambassador for on-chain data platform Whalemap, summarized. <\/p>\n<p>BaroVirtual uploaded a daily chart snapshot to X (formerly Twitter), showing a potential head-and-shoulders formation about to conclude.<\/p>\n<p>\u201cIf true, BTC risks falling into the $22,000-$20,000 range,\u201d they added.<\/p>\n<p><em>BTC\/USD annotated chart. Source: BaroVirtual\/X<\/em><\/p>\n<p>That perspective chimed with others already expecting a return toward the $20,000 mark \u2014 something absent from the BTC price charts for six months.<\/p>\n<p>Popular trader and analyst Rekt Capital, who previously envisaged the possible reappearance of the low $20,000s\u00a0as part of a breakdown from a double-top structure, now placed emphasis on holding current levels as support.<\/p>\n<p>\u201cBitcoin could downside wick into the ~$25000-$26000 area on this current move down,\u201d he wrote in part of fresh X analysis on Sept. 25.<\/p>\n<p>\u201cBut if ~$26000 begins to act as resistance then that could be a bearish contributing sign that the ~$25000-$26000 area is weakening as support. If BTC turns the ~$25000-$26000 area into new resistance, price would collapse somewhere into the ~$22000-$24000 region to find a Local Bottom \u2018C.\u2019\u201d<\/p>\n<p>An accompanying chart laid out the key levels.<\/p>\n<h2>DXY surges to new 2023 highs<\/h2>\n<p>Macro markets, meanwhile, opened to another potential headwind for Bitcoin and crypto \u2014 an unrelentingly strong U.S. dollar.<\/p>\n<p><strong><em>Related:\u00a0US gov\u2019t shutdown looms \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>The U.S. Dollar Index (DXY) continued its march higher, hitting 106.1 \u2014 its highest since November 2022.<\/p>\n<p><em>U.S. Dollar Index (DXY) 1-day chart. Source: TradingView<\/em><\/p>\n<p>Since hitting 15-month lows in July, the DXY has climbed 6.5%, displaying strength, which historically has hampered risk asset and crypto market performance.<\/p>\n<p lang=\"en\" dir=\"ltr\">Painful grind lower on risk assets as yields and DXY grind higher <\/p>\n<p>Going to let this trading session develop more https:\/\/t.co\/C67I5tJHRH<\/p>\n<p>\u2014 Skew \u0394 (@52kskew) September 25, 2023<\/p>\n<p>\u201cDXY rocketing higher &#8211; to the detriment of BTC Crypto and other risk assets,\u201d Matthew Dixon, CEO of crypto rating platform Evai, wrote in part of a reaction.<\/p>\n<p>Dixon had previously eyed a potential cooling off in DXY strength, giving Bitcoin and altcoins room for a relief bounce.<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-26k-us-dollar-strength-10-month-high\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) hugged $26,000 at the Sept. 24 Wall Street open as a weekly close \u201cnosedive\u201d brought lasting consequences. BTC\/USD 1-hour chart. Source: TradingView Bitcoin must preserve support now, analysis says Data from Cointelegraph Markets Pro and TradingView showed BTC price trajectory uncertain after briefly piercing $26,000 support. Sideways weekend trading soon turned sour into [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13383"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13383\/revisions"}],"predecessor-version":[{"id":13385,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13383\/revisions\/13385"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13384"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}