Will the coronavirus rally repeat? The bitcoin exchange rate rose above $23,000 amid the weakening
The cryptocurrency market is growing due to the pullback of the dollar index from its twenty-year high.
According to the largest cryptocurrency exchange Binance, the maximum price of BTC/USDT corresponded to $23,441 at the time of publication. Thus, bitcoin has grown by almost 24% compared to the minimum on July 13.
This price movement could be regarded as a technical rebound ("nothing falls forever"), but the main cryptocurrency has overcome an important level of the 200-week moving average (200WMA), which is now at $22,624. If the bulls manage to close the week above this level, it will be possible to state the restoration of important support characteristic of bearish bitcoin cycles.
4-HOUR BTC/USDT CHART AND 200-WEEK MOVING AVERAGE. SOURCE: TRADINGVIEW/BINANCE
The US dollar index (DXY), which determines its strength relative to the basket of currencies of the country's trading partners, finally interrupted the rally that began on February 24 and rebounded from its twenty-year high at 109.294 points registered on July 14. At the time of publication, this drop reached almost 2.5%.
1-DAY CHART OF THE US DOLLAR INDEX (DXY)
Bitcoin's breakthrough above the psychologically important 200WMA level caused a surge of enthusiasm among cryptans. Trader of the Amsterdam Stock ExchangeMichael van de Poppe first tweeted a graphical forecast anticipating the cryptocurrency rally to $28,000, and then compared the current market situation with the recovery after the memorable collapse caused by the announcement of the coronavirus pandemic in March 2020. Then bitcoin collapsed to $3,782, but then rebounded to grow by 1,600% over the next 13 months (to $64,853 in April 2021).
4-HOUR BITCOIN CHART. MICHAEL VAN DE POPPE'S FORECAST
BITCOIN GROWTH AFTER THE CORONAVIRUS COLLAPSE (1-DAY CHART)
The most interesting and important news on our Telegram channel
https://coin-signal.com/cryptonews/will-the-coronavirus-rally-repeat-the-bitcoin-exchange-rate-rose-above-23000-amid-the-weakening-of-the-us-dollar/
#23000, #Above, #Amid, #Bitcoin, #Coronavirus, #Cryptonews, #Dollar, #Exchange, #Rally, #Rate, #Repeat, #Rose, #Weakening, #Will
#Bitcoin, #CryptoNews