Bitcoin has grown by 18% this week, despite the strengthening of the dollar
The continued strengthening of the dollar threatens the growth of bitcoin, which rose today to $ 22.5 thousand.
According to the largest cryptocurrency exchange Binance, the maximum price of BTC/USDT corresponded to $22,527, which means an increase of almost 18% since the beginning of the week (plus $3,400). At the time of publication, the price of the cryptocurrency was at $21,375.
4-HOUR BTC/USDT CHART. SOURCE: BINANCE
Thanks to this growth, bitcoin tested the 200-week moving average (200WMA) from below, which traditionally plays the role of support during a bear market. Therefore, it is not surprising that the asset failed to overcome 200WMA the first time - this is an important and strong level.
1-WEEK BITCOIN CHART ACCORDING TO 6 LEADING EXCHANGES. SOURCE: CRYPTOCURRENCY SCREENER TOP TRADERS TOOLS
Trader of the Amsterdam Stock ExchangeMichael van de Poppe (Michaël van de Poppe) tweeted:
A potential scenario for bitcoin (of course, optional). A rise to the resistance of $ 21.9 thousand, then a test of supports at $21.1 thousand and $20.5 thousand. But this is the lower part of the range, I'm really counting on a swing long up to $28k.
1-HOUR BITCOIN CHART. MICHAEL VAN DE POPPE'S FORECAST
However, not everyone is as optimistic as the Amsterdam analyst. The author of il Capo Of Crypto, popular on Twitter, drew attention to the strengthening of the dollar:
DXY enters the parabolic phase. Bitcoin grew a little, and people fell into euphoria, expecting $ 40 thousand. There is not a single bullish signal supporting the upward movement, while the price is in front of the resistance at the level of $ 21-22 thousand. The pullback will be strong. Altcoins can fall by 45-50%. No mercy.
What il Capo Of Crypto is undoubtedly right about is the growth of the US dollar index (DXY), which reached a new twenty-year high today at 107.786 points.
1-DAY CHART OF THE DOLLAR INDEX (DXY)
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