Bitcoin Reclaims $19,500 As Dollars Plummets, Will BTC See More Upside?

Bitcoin has displayed immoderate spot during today’s trading league aft re-visiting the bottommost of an important trendline. The benchmark crypto has been trading successful a choky range, betwixt $18,600 and $19,500, but the monthly adjacent mightiness enactment a spike successful volatility arsenic bulls and bears combat for this candle.

At the clip of writing, Bitcoin (BTC) trades astatine $19,400 with a 2% nett successful the past 24 hours and 7 days. Other cryptocurrencies look to beryllium the pursuing Bitcoin arsenic they grounds tiny profits connected debased timeframes. The benchmark crypto mightiness beryllium preparing for further gains.

BTC’s terms with insignificant gains connected the 4-hour chart. Source: BTCUSDT Tradingview Bitcoin Sets The Stage For More Profits?

In summation to the monthly close, Bitcoin’s caller terms enactment seems to beryllium supported by a clang successful the U.S. Dollar. The currency was capable to scope levels past seen successful the aboriginal 2000s, arsenic it touched 115 connected the DXY Index, but it was rejected from these levels.

At the clip of writing, the DXY Index trades astatine 112 and mightiness instrumentality to its aboriginal September lows overmuch southern. The DXY Index’s rally has been 1 of the main obstacles capping the upside successful Bitcoin and different risk-on assets, specified arsenic equities.

In that sense, a revisit of the September lows mightiness let the crypto marketplace to widen its existent bullish terms enactment implicit the coming weeks. According to expert Justin Bennett, the DXY Index terms enactment mightiness enactment a Bitcoin rally backmost to $26,000.

The cryptocurrency mightiness scope this level earlier the adjacent U.S. Federal Reserve Federal Open Market Committee (FOMC) meeting. As seen successful the illustration below, Bennett claims that Bitcoin has been trading successful a transmission with a bottommost astatine astir $18,700 and a apical astatine $27,000.

With U.S. dollars trading to the downside, Bitcoin mightiness beryllium capable to reclaim the precocious of this channel. The expert wrote: “As agelong arsenic $18,700 holds, this is my Bitcoin playbook done October”.

BTC moving distant from the bottommost of this channel, however acold volition it rally? Source: Justin Bennett via Twitter Bitcoin On A Lighter “Bear Market”?

Additional information from a pseudonym expert indicates that Bitcoin mightiness beryllium successful a lighter downside terms action. The expert looked into BTC’s terms erstwhile drawdown from its all-time highs (ATH) and discovered that the cryptocurrency is lone 74% from those levels.

In the 2013 and 2017 carnivore markets, Bitcoin crashed 84% from its erstwhile all-time precocious and successful 2011, 93%. This could suggest BTC carnivore marketplace is getting weaker oregon that the cryptocurrency mightiness spot different limb down.

In addition, the expert discovered that Bitcoin has spent 316 days distant from its all-time high. In erstwhile years, the cryptocurrency is capable to find a bottommost connected an mean of 312 days aft crashing from its ATH. In that sense, the expert concluded:

The duration of 316 days successful existent bearmarket truthful acold is betwixt 2011 and 2013 + 2017. Either, we bottommost soon-ish oregon this clip is different. The mean duration from top-to-bottom is precise absorbing arsenic well. The mean is 312 days, which is wherever #Bitcoin is close now.