Bitcoin traders hope $27K holds as BTC price ignores volatile US dollar

Updating his own trading strategy, meanwhile, trader Mark Cullen similarly positioned emphasis on $27,000 holding as support.”Bitcoin getting a response from its first attempt into my zone & & a tap of the break out trendline,” accompanying commentary mentioned. “Market conditions in Tradfi arent excellent so pressures down. Lets see if BTC can hold this location for a while longer, till other markets stabilize. Holding 27k is key for $BTC!”BTC/USD annotated chart. Source: Mark Cullen/XBitcoin bides its time as dollar sees sharp retraceAs Cullen and others described, the state of mind on tradition markets was distinctly less stable than Bitcoin on the day.Related: Bitcoin analysts still anticipate a BTC cost crash to $20KThis came thanks to U.S. 30-year bond yields rising to 16-year highs– something which got commentators wary of a prospective meltdown to come.Skew suggested that this angst over how macro forces would play out was accountable for the lack of substantial BTC trading volume.”Not much besides dipping toes in the water type of bid aside from that its perps primarily purchasing,” another X post specified earlier.”Market is most likely attempting to absorb whatever that is going on regards to risk specifications and exposure. Numerous are capitulating to cash imo under market distress.”U.S. dollar strength delivered upheaval of its own previous to the Wall Street open, with the U.S. dollar index (DXY) swiftly dropping from levels not seen since Q4 last year.As traditional in recent times, BTC/USD continued to get rid of snap DXY moves.U.S. dollar index (DXY) 1-hour chart. Source: TradingViewCommenting on the scenario, Sven Henrich, founder of NorthmanTrader, showed that long term, DXY chart performance was acting as expected.”Amid all the mayhem & & volatility one remarkably consistent tidy chart: The US dollar appreciating the channel pattern lines,” he told X subscribers. “Negative divergence on recent highs at top of the channel. What happens with this will likely be one of the key market chauffeurs for the rest of the year.”U.S. dollar index (DXY) chart. Source: Sven Henrich/XThis post does not include investment recommendations or suggestions. Every investment and trading move includes danger, and readers should conduct their own research study when making a choice.

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Bitcoin (BTC) remained glued to $27,500 at the Oct. 4 Wall Street open as attention continued to focus on widespread United States yields.BTC/ USD 1-hour chart. Source: TradingViewAnalysis: $27,000 now “key” for BTC priceData from Cointelegraph Markets Pro and TradingView showed a calm day for BTC price action while U.S. dollar volatility ruled.After its own wave of busy trading to start the week, Bitcoin was as soon as more looking for instructions, with market observers marking out key cost points.Popular trader Skew flagged market takers offering toward $27,600, lending “importance to this price level reclaim.”” Get that recover & & good pop will come,” he predicted in part of the days X analysis.$ BTC takers selling into $27.6 K includes importance to this cost level reclaim Get that reclaim & & decent pop will come note coinbase CVD (actual purchaser led rate into $27.6 K) pic.twitter.com/Jr6MDb7ru1— Skew Δ (@ 52kskew) October 4, 2023

Fellow trader Crypto Tony additionally highlighted $27,000 as the line in the sand to the disadvantage.$ BTC/ $USD – Update Holding that $27,000 low, so i stay long for the time being and would be shorting if we lose this low here, or pump up and reject hard as recommended on chart listed below pic.twitter.com/bSDjWWaJEU— Crypto Tony (@CryptoTony__) October 4, 2023

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. Lets see if BTC can hold this area for a while longer, till other markets support. Holding 27k is crucial for $BTC! What happens with this will likely be one of the crucial market drivers for the rest of the year.