Bitcoin still has $14K target, warns trader as DXY due ‘parabola’ break

Bitcoin (BTC) held $20,000 into Oct. 5 with trader targets inactive including a caller precocious earlier rejection.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

$21,000 upside people to precede caller lows

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $20,470 connected Bitstamp overnight earlier returning lower.

The brace succeeded successful maintaining the 2017 aged all-time precocious arsenic support, thing on-chain analytics assets Material Indicators had hoped would endure arsenic a affirmative sign.

“BTC is inactive successful a congested range,” it summarized successful comments the time prior.

“The retest of method absorption astatine the 50-Day MA was rejected. Now I privation to spot a retest of enactment astatine the 2017 Top. Bulls whitethorn beryllium losing momentum, but placed a bargain partition astatine $20k to clasp terms up.”

Material Indicators was analyzing a illustration of the Binance BTC/USD bid publication showing capitalist behaviour involving antithetic sized transactions.

It referred to its 50-day moving mean (MA), which astatine $20,170 had inactive not flipped to decisive enactment connected the day.

BTC/USD 1-day candle illustration (Bitstamp) with 50MA. Source: TradingView

Popular trader Il Capo of Crypto meantime continued an extant thesis involving a travel to $21,000 earlier a steeper, much enduring comedown.

“Local apical is not successful yet imo, but it's precise very close,” helium told Twitter followers.

“20500-21000 hasn't been touched and there's nary ltf distribution. Expecting the past limb up soon. Then ltf bearish signs, and reversal to caller lows (14k-16k).”

BTC/USD annotated chart. Source: Il Capo of Crypto/ Twitter

Signs of bully times ending for U.S. dollar

Turning to the U.S. dollar scale (DXY), a cardinal macro trigger for crypto markets, determination was immoderate alleviation connected the horizon.

Related: BTC terms inactive not astatine ‘max pain’ — 5 things to cognize successful Bitcoin this week

A caller 20-year high was inactive due, according to Il Capo of Crypto, but this would beryllium followed by a longer-term break of the “parabola” successful spot connected dollar spot since 2021.

“We could spot a propulsion deeper into the container giving BTC/SPX much clip to rally,” chap trader Mayne explained successful an accompanying thread, besides mentioning the S&P 500.

“If this country fails, we could spot a interruption successful the dollar's parabolic ascent and possibly a overmuch longer sustained rally.”

DXY circled 110.6 points astatine the clip of writing, having narrowly preserved 110 arsenic enactment — inactive marking its lowest levels since Sep. 21.

U.S. dollar scale (DXY) 1-day candle chart. Source: TradingView

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