Crypto in October Starting to Spike up, as Impact from US Dollar Drops

Digiasset News Oct 05, 2022

Bitcoin rallied in line with the weakening of the US Dollar Index (DXY) which extended losses to approach 110 points and reach support in place since mid-September. Based on Tradingview Data below showed DXY market in drop around -3,48% from the highest on 27 September 2022. This week there is data that will be announced from the FED about Non-Farm payrolls (NFP). NFP is an employment report released monthly, usually on the first Friday of every month, and heavily affects the US Dollar. So in this case, a crypto investor will get the momentum from US Dollar movement, especially if US Dollar extended drops, therefore an oppourtunity in crypto to rally.

Based on CoinMarketCap data today (5/10) at 09.00 WIB. BTC rallied 3,47 %, and ETH rallied 2.63 % for the last 24 hours. Last week, both the price spiked up BTC till 8.73 % and ETH 6.44 %. Another altcoins that spiked up : BNB, XRP, and Doge which have rallied at least over 4% each in the last week.

According to Bitcoin Monthly Returns, the price of BTC almost always tends to rally in October for the last 9 years (2013-2021). The highest one spiked up 60.79% in October 2013. This October BTC starts with a rally that builds confidence in investors ( especially in crypto asset class ) for holding or taking profit from this case.

Market Analysis

BTCUSDT market movement in a week began rally to 20K. If the US Dollar continues to drop, in technical analysis the Bitcoin market will probably rally to resitance levet at US$ 20,859.70 . Right now, Crypto asset investors try to entry the market with trend confirmation.

Illustration of Fear and Greed Index Crypto on Wednesday (5/10). Today's Fear and Greed Index is in the Extreme Fear category at level 25 while last week's data included Extreme Fear at 20. This condition is better than last week, so some traders try to take this opportunity for getting a profit.

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