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Bitcoin following bullish pattern, trade price surging despite US dollar strengthening 

Bitcoin following bullish pattern, trade price surging despite US dollar strengthening  8

Veteran Bitcoin traders found that buy pressure in the Bitcoin market is surging step by step in a fully healthy environment & it can be seen with more clarity amid increasing US dollar’s performance.

The current trade price of Bitcoin is $26,434 & this trade price is 0.8% high over the last 24 hours trade price. 

Bitcoin following bullish pattern, trade price surging despite US dollar strengthening  6
Source: Coingecko

The current trade price is already 60% higher since the beginning of this year. In Jan the trade price of Bitcoin was fluctuating around $16,500 and in the mid of the year also hit $30,000 price two to three times, following big news about Bitcoin adoption e.g. BlackRock’s Bitcoin spot ETF application & Grayscale win in the Bitcoin spot ETF case against the United States Securities and Exchange Commission (SEC). 

The majority of the Bitcoin traders noted that the progress of Bitcoin has been impressive since the beginning of this year but still, 2021’s new Bitcoin investors are not happy, as the trade price is still 60% down from its all time heights. 

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On 28 Sep 2023, The U.S. dollar index (DXY), which shows the performance of US dollar against other big economy’s fiat currencies, reached a ten-month high of 106.84

In short, the strength of the US dollar surged to an all-time high since Nov of the last year and this is a bearish sign for the volatile money market e.g. stock, crypto, etc.

A Crypto intelligence firm Santiment noted that Bitcoin grabbed a huge increment in its trade price despite the increment in the strength of the US dollar and this is showing how strong the Bitcoin trade price is. 

Recently world-famous financial guru Robert Kiyosaki also talked about Bitcoin and said that people should not ask questions related to the Bitcoin trade price prediction, instead remain focused on purchasing Bitcoin. 

Bitcoin Fear & Greed Index

The current Bitcoin Fear & Greed Index is 46 which means the majority of the Bitcoin traders are still in fear of high volatility, which is also a good sign for those who want to collect Bitcoin at a discounted trade price. 

Bitcoin following bullish pattern, trade price surging despite US dollar strengthening  7
Source: alternative.me

Read also: Terra (Luna) co-founder’s lawyers say SEC’s extradition request is not possible

Bitcoin following bullish pattern, trade price surging despite US dollar strengthening 

 

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