{"id":504141,"date":"2022-09-28T19:40:19","date_gmt":"2022-09-28T19:40:19","guid":{"rendered":"https:\/\/wncen.com\/?p=504141"},"modified":"2024-06-11T14:26:48","modified_gmt":"2024-06-11T14:26:48","slug":"bitcoin-reclaims-19500-as-dollars-plummets-will-btc-see-more-upside","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-reclaims-19500-as-dollars-plummets-will-btc-see-more-upside\/","title":{"rendered":"Bitcoin Reclaims $19,500 As Dollar Plummets, Will BTC See More Upside?"},"content":{"rendered":"

Bitcoin has displayed some strength during today\u2019s trading session after re-visiting the bottom of an important trendline. The benchmark crypto has been trading in a tight range, between $18,600 and $19,500, but the monthly close might support a spike in volatility as bulls and bears fight for this candle. <\/strong><\/p>\n

Related Reading: 2022: The Year Extreme Fear Took Over The Crypto Market<\/a><\/strong><\/div>\n

At the time of writing, Bitcoin (BTC) trades at $19,400 with a 2% profit in the last 24 hours and 7 days. Other cryptocurrencies seem to be the following Bitcoin as they record small profits on low timeframes. The benchmark crypto might be preparing for further gains.<\/p>\n

\"Bitcoin
BTC’s price with minor gains on the 4-hour chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Sets The Stage For More Profits?<\/h2>\n

In addition to the monthly close, Bitcoin\u2019s recent price action seems to be supported by a crash in the U.S. Dollar. The currency was able to reach levels last seen in the early 2000s, as it touched 115 on the DXY Index, but it was rejected from these levels.<\/p>\n

At the time of writing, the DXY Index trades at 112 and might return to its early September lows much southern. The DXY Index\u2019s rally has been one of the main obstacles capping the upside in Bitcoin and other risk-on assets, such as equities.<\/p>\n

In that sense, a revisit of the September lows might allow the crypto market to extend its current bullish price action over the coming weeks. According to analyst Justin Bennett, the DXY Index price action might support a Bitcoin rally back to $26,000.<\/p>\n

The cryptocurrency might reach this level before the next U.S. Federal Reserve Federal Open Market Committee (FOMC) meeting. As seen in the chart below, Bennett claims that Bitcoin has been trading in a channel with a bottom at around $18,700 and a top at $27,000.<\/p>\n

With U.S. dollars trading to the downside, Bitcoin might be able to reclaim the high of this channel. The analyst wrote: \u201cAs long as $18,700 holds, this is my Bitcoin playbook through October\u201d.<\/p>\n

\"Bitcoin
BTC moving away from the bottom of this channel, how far will it rally? Source: Justin Bennett via Twitter<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin On A Lighter \u201cBear Market\u201d?<\/h3>\n

Additional data from a pseudonym analyst indicates<\/a> that Bitcoin might be in a lighter downside price action. The analyst looked into BTC\u2019s price previous drawdown from its all-time highs (ATH) and discovered that the cryptocurrency is only 74% from those levels.<\/p>\n

In the 2013 and 2017 bear markets, Bitcoin crashed 84% from its previous all-time high and in 2011, 93%. This could suggest BTC bear market is getting weaker or that the cryptocurrency might see another leg down.<\/p>\n

Related Reading: Chainlink Price Struggles To Break Above, Can Price Hit 10?<\/a><\/strong><\/div>\n

In addition, the analyst discovered that Bitcoin has spent 316 days away from its all-time high. In previous years, the cryptocurrency is able to find a bottom on an average of 312 days after crashing from its ATH. In that sense, the analyst concluded:<\/p>\n

The duration of 316 days in current bearmarket so far is between 2011 and 2013 + 2017. Either, we bottom soon-ish or this time is different. The average duration from top-to-bottom is very interesting as well. The average is 312 days, which is where #Bitcoin is right now.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has displayed some strength during today\u2019s trading session after re-visiting the bottom of an important trendline. The benchmark crypto has been trading in a tight range, between $18,600 and $19,500, but the monthly close might support a spike in volatility as bulls and bears fight for this candle. Related Reading: 2022: The Year Extreme Fear Took Over The Crypto Market At the time of writing, Bitcoin (BTC) trades at $19,400 with a 2% profit in the last 24 hours and 7 days. Other cryptocurrencies seem to be the following Bitcoin as they record small profits on low timeframes. The benchmark crypto might be preparing for further gains. Bitcoin Sets The Stage For More Profits? In addition to the monthly close, Bitcoin\u2019s recent price action seems to be supported by a crash in the U.S. Dollar. The currency was able to reach levels last seen in the early 2000s, as it touched 115 on the DXY Index, but it was rejected from these levels. At the time of writing, the DXY Index trades at 112 and might return to its early September lows much southern. The DXY Index\u2019s rally has been one of the main obstacles capping the upside in Bitcoin and other risk-on assets, such as equities. In that sense, a revisit of the September lows might allow the crypto market to extend its current bullish price action over the coming weeks. According to analyst Justin Bennett, the DXY Index price action might support a Bitcoin rally back to $26,000. The cryptocurrency might reach this level before the next U.S. Federal Reserve Federal Open Market Committee (FOMC) meeting. As seen in the chart below, Bennett claims that Bitcoin has been trading in a channel with a bottom at around $18,700 and a top at $27,000. With U.S. dollars trading to the downside, Bitcoin might be able to reclaim the high of this channel. The analyst wrote: \u201cAs long as $18,700 holds, this is my Bitcoin playbook through October\u201d. Bitcoin On A Lighter \u201cBear Market\u201d? Additional data from a pseudonym analyst indicates that Bitcoin might be in a lighter downside price action. The analyst looked into BTC\u2019s price previous drawdown from its all-time highs (ATH) and discovered that the cryptocurrency is only 74% from those levels. In the 2013 and 2017 bear markets, Bitcoin crashed 84% from its previous all-time high and in 2011, 93%. This could suggest BTC bear market is getting weaker or that the cryptocurrency might see another leg down. Related Reading: Chainlink Price Struggles To Break Above, Can Price Hit 10? In addition, the analyst discovered that Bitcoin has spent 316 days away from its all-time high. In previous years, the cryptocurrency is able to find a bottom on an average of 312 days after crashing from its ATH. In that sense, the analyst concluded: The duration of 316 days in current bearmarket so far is between 2011 and 2013 + 2017. Either, we bottom soon-ish or this time is different. The average duration from top-to-bottom is very interesting as well. The average is 312 days, which is where #Bitcoin is right now.<\/p>\n","protected":false},"author":535,"featured_media":504143,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-504141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Reclaims $19k As Dollar Falls, Will BTC See More Upside?<\/title>\n<meta name=\"description\" content=\"Bitcoin has displayed some strength during today\u2019s trading session after re-visiting the bottom of an important trendline.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Reclaims $19,500 As Dollar Plummets, Will BTC See More Upside?","url":"http:\/\/wncen.com\/news\/bitcoin-reclaims-19500-as-dollars-plummets-will-btc-see-more-upside\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-reclaims-19500-as-dollars-plummets-will-btc-see-more-upside\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/Bitcoin-BTC-BTCUSDT-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/Bitcoin-BTC-BTCUSDT-1.jpg?fit=640%2C427"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2022-09-28T19:40:19Z","datePublished":"2022-09-28T19:40:19Z","dateModified":"2024-06-11T14:26:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Reclaims $19,500 As Dollar Plummets, Will BTC See More Upside?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-reclaims-19500-as-dollars-plummets-will-btc-see-more-upside\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-reclaims-19500-as-dollars-plummets-will-btc-see-more-upside\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/Bitcoin-BTC-BTCUSDT-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/Bitcoin-BTC-BTCUSDT-1.jpg?fit=640%2C427\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2022-09-28T19:40:19Z\",\"datePublished\":\"2022-09-28T19:40:19Z\",\"dateModified\":\"2024-06-11T14:26:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/Bitcoin-BTC-BTCUSDT-1.jpg?fit=640%2C427","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/504141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=504141"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/504141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/504143"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=504141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=504141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=504141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}