{"id":13502,"date":"2023-10-04T16:19:41","date_gmt":"2023-10-04T16:19:41","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13502"},"modified":"2023-10-04T16:19:42","modified_gmt":"2023-10-04T16:19:42","slug":"bitcoin-traders-hope-27k-holds-as-btc-price-ignores-volatile-us-dollar","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13502","title":{"rendered":"Bitcoin traders hope $27K holds as BTC price ignores volatile US dollar"},"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) stayed glued to $27,500 at the Oct. 4 Wall Street open as attention continued to focus on rampant United States yields.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Analysis: $27,000 now \u201ckey\u201d for BTC price<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed a calm day for BTC price action while U.S. dollar volatility ruled.<\/p>\n<p>After its own spate of hectic trading to start the week, Bitcoin was once more seeking direction, with market observers marking out key price points.<\/p>\n<p>Popular trader Skew flagged market takers selling toward $27,600, lending \u201cimportance to this price level reclaim.\u201d<\/p>\n<p>\u201cGet that reclaim &amp; decent pop will come,\u201d he predicted in part of an analysis on X (formerly Twitter) on Oct. 4.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC <br \/>takers selling into $27.6K <\/p>\n<p>adds importance to this price level reclaim <\/p>\n<p>Get that reclaim &amp; decent pop will come <\/p>\n<p>note coinbase CVD (actual buyer led price into $27.6K) pic.twitter.com\/Jr6MDb7ru1<\/p>\n<p>\u2014 Skew \u0394 (@52kskew) October 4, 2023<\/p>\n<p>Fellow trader Crypto Tony additionally highlighted $27,000 as the line in the sand to the downside.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC \/ $USD &#8211; Update <\/p>\n<p>Holding that $27,000 low, so i remain long for the time being and would be shorting if we lose this low here, or pump up and reject hard as suggested on chart below pic.twitter.com\/bSDjWWaJEU<\/p>\n<p>\u2014 Crypto Tony (@CryptoTony__) October 4, 2023<\/p>\n<p>Updating his own trading strategy, meanwhile, trader Mark Cullen likewise emphasized $27,000 holding as support.<\/p>\n<p>\u201cBitcoin getting a reaction from its first attempt into my zone &amp; a tap of the break out trendline,\u201d he\u00a0stated\u00a0in accompanying commentary. <\/p>\n<p>\u201cMarket conditions in Tradfi aren&#8217;t great so pressure&#8217;s down. Lets see if BTC can hold this area for a while longer, until other markets stabilize. Holding 27k is key for $BTC!\u201d<em>BTC\/USD annotated chart. Source: Mark Cullen\/X<\/em><\/p>\n<h2>Bitcoin bides its time as dollar sees sharp retrace<\/h2>\n<p>As Cullen and others explained, the mood on legacy markets was decidedly less stable than Bitcoin on Oct. 4.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin analysts still predict a BTC price crash to $20K<\/em><\/strong><\/p>\n<p>This came thanks to U.S. 30-year bond yields surging to 16-year highs \u2014 something which got commentators wary of a potential meltdown to come.<\/p>\n<p>Skew suggested that this angst over how macro forces would play out was responsible for the lack of significant BTC trading volume.<\/p>\n<p>\u201cNot much besides dipping toes in the water kind of bid other than that it\u2019s perps mostly buying,\u201d another X post stated earlier.\u00a0<\/p>\n<p>\u201cMarket is likely trying to digest everything that is going on terms of risk parameters and exposure. Many are capitulating to cash imo under market distress.\u201d<\/p>\n<p>U.S. dollar strength delivered upheaval of its own prior to the Wall Street open, with the U.S. Dollar Index (DXY) swiftly dropping from levels not seen since Q4 last year.<\/p>\n<p>As has been\u00a0customary in recent times, BTC\/USD continued to shake off snap DXY moves.<\/p>\n<p><em>U.S. Dollar Index (DXY) 1-hour chart. Source: TradingView<\/em><\/p>\n<p>Commenting on the situation, Sven Henrich, founder of NorthmanTrader, showed that long-term DXY chart performance was behaving as expected.<\/p>\n<p>\u201cAmid all the chaos &amp; volatility one amazingly consistent clean chart: The US dollar respecting the channel trend lines,\u201d he told X followers.\u00a0<\/p>\n<p>\u201cNegative divergence on recent highs at top of the channel. What happens with this will likely be one of the key market drivers for the rest of the year.\u201d<em>U.S. dollar index (DXY) chart. Source: Sven Henrich\/X<\/em><\/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-traders-27k-btc-price-volatile-us-dollar\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed glued to $27,500 at the Oct. 4 Wall Street open as attention continued to focus on rampant United States yields. BTC\/USD 1-hour chart. Source: TradingView Analysis: $27,000 now \u201ckey\u201d for BTC price Data from Cointelegraph Markets Pro and TradingView showed a calm day for BTC price action while U.S. dollar volatility ruled. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13502","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\/13502","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=13502"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13502\/revisions"}],"predecessor-version":[{"id":13504,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13502\/revisions\/13504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13503"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}