Bitcoin remains under pressure from bullish US dollar
Proactive Investors
Published Sep 26, 2023 17:44
Updated Sep 26, 2023 18:00
Bitcoin remains under pressure from bullish US dollar
Bitcoin (BTC)’s price on the spot markets remains suppressed by the persistently strong US dollar.
Monday was particularly good for the greenback, when it rallied against all other major currencies while adding 0.35% on the US Dollar Index.
As a result, the BTC/USDT pair stayed effectively flat, trending around the $26,300 price point before creeping lower to $26,274 this morning.
However, the world’s largest cryptocurrency still has a chance to post a positive September, bucking the long-running ‘Septembear’ trend.
As it stands, bitcoin is more than 1.2% higher month to date, with four more trending days left in the month.
As a highly volatile asset, bitcoin could easily fall into the red within this time period, particularly if an unforeseen catalyst takes a bite out of the spot markets.
Binance’s order book shows a bias towards buy-side orders, with a clear support line at $25,000 and resistance at $28,000.
Bitcoin remains 7.3% lower over six months – Source: tradingview.com
The second-largest cryptocurrency Ethereum (ETH) added half a percentage point on Monday to bring its spot price against the US dollar to $1,588, where it has remained this morning.
Week on week, bitcoin is 1.8% lower while ether is closer to 3% lower.
In the broader altcoin space, Toncoin (TON)’s stellar performance over the past two months has begun a steady retreat.
The Telegram-linked Layer-1 blockchain token surged from $1.2 at the start of August to over $2.5 in mid-September.
But the past seven days saw TON pull back 11% to $2.15.
Most other altcoin big caps, including BNB, Ripple (XRP), Cardano (ADA) and Dogecoin (DOGE) have managed to keep their losses in the low single digits.
Global cryptocurrency market capitalisation added half a percent to $1.05 trillion overnight, with bitcoin dominance at 49.9%.
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