Bitcoin squeezes past $20K upon us dollar dip as BTC cost gains 8.7%

Bitcoin (BTC) bounced past $20,000 on Sep. 9 like a much-anticipated “short squeeze” required hold.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader: BTC may go to $25,000

Data from Cointelegraph Markets Pro and TradingView demonstrated BTC/USD adding around $2,700 (8.7%) in hrs at the time, reaching its greatest since August. 26.

After days of varying punctuated with successive moves towards the downside, Bitcoin thus finally gave bulls the things they wanted.

For popular buying and selling Twitter account Il Capo of Crypto, the upside still had possibility to continue during the time of writing, with BTC cost action eyeing $21,000.

“Bears very weak here, imo it keeps rising soon,” he forecast.

Il Capo of Crypto had lengthy predicted a relief bounce taking Bitcoin close to $23,000 before resumption from the downside trend.

“Crucial for Bitcoin would be to switch the $20K area,” Michaël van de Poppe, Chief executive officer and founding father of buying and selling firm Eight, agreed.

“If that occurs, $23-25K appears next.”

Bitcoin short liquidations across exchanges tracked by on-chain monitoring resource Coinglass totaled $64 million for Sep. 9, matching the tally from August. 11.

BTC liquidations chart. Source: Coinglass

DXY “parabolic expansion” sees test

The move coincided having a marked correction in U.S. dollar strength more broadly, next on the rear of a huge benchmark rate of interest hike in the European Central Bank (ECB).

Related: Bitcoin cost hits 10-week low among ‘painful’ US dollar rally warning

Formerly at twenty-year highs, the U.S. dollar index (DXY) shed a complete percentage indicate circle 108.6 during the time of writing.

Analysts had frequently contended the fate of crypto markets rests with moves in DXY, which remain unpredictable because the Fed prepares a brand new rate hike in a few days.

“Bitcoin inverted chart resembles DXY in 2021,” trader Hamza noted.

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

The views and opinions expressed listed here are exclusively individuals from the author and don’t always reflect the views of Every investment and buying and selling move involves risk, you need to conduct your personal research when making the decision.

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