Bitcoin trader eyes US dollar for BTC price breakout cue, Ethereum clings to $2K

Bitcoin trader eyes US dollar for BTC price breakout cue, Ethereum clings to $2K


Bitcoin (BTC) stayed below the $33,000 mark on July 9 with a fresh price dip also putting an end to altcoin strength. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC price flips $33,000 support

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged below a previous support level into Friday.

Trending: BREAKING: House Republicans Move to “Vacate” Pelosi’s Chair, End “Authoritarian Reign”

Earlier in the week, $33,000 saw multiple tests but remained in place as support, this only coming undone on Thursday.

$33,000 then became involved in a form of short-term support/resistance flip, with Bitcoin unable to reclaim it and conversely seeing rejection at each attempted rally.

At the time of writing, the largest cryptocurrency traded at around $32,700, stuck in a narrow range with $32,000 as its floor. 

For popular trader Crypto Ed, the time was right to eye macro trends for hints as to what could happen to Bitcoin next.

In particular, the U.S. dollar was on the radar — upside in the U.S. dollar currency index (DXY), currently at 92.4, should first subside in order

Continue reading

You Might Like

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend