Bitcoin Price Crosses $20K as US Dollar Strength Falls

Digiasset News Oct 26, 2022

Bitcoin hits the highest levels since first week of October. It spikes up very strongly with the U.S. dollar index (DXY) showing losses to 110 at the support area. In almost every movement both BTC and DXY are in negative correlation. The Red line below is a sign that every bitcoin spike up and DXY almost fall. The last drop of DXY was in October, making a BTC rise back to US$ 20K. Then this week US will announce about GDP Growth Rate for Q3, so this DXY movement asa trader could take a chance for BTC in the short or long term by your research.

Based data ( 26 October 2022 ) on   CoinMarketCap in a week BTC increased up to  +4.84 % and ETH +13.76 %. Then, data on Illustration of Fear and Greed Index Crypto  is still in fear category at level 33. Although its better than some week ago, this is not indicates that investors interested in BTC.

Market Analysis

BTCUSDT market movement technically with trendline began to surge this week. Therefore, in technical analysis, the Bitcoin market will probably spike up with retracement in demand area (black box). Maybe this is good chance after long time sideway in BTC. Keep your money management for good risk, although there is a good set up in market for entry.

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