Bitcoin (BTC) and other important cryptocurrencies are in the green area today. All digital currencies in the top 20 have made a small profit in the last 24 hours.
Bitcoin witnessed a major short squeeze that caught the bears off guard. Bitcoin, the best cryptocurrency by market cap, rose to $ 10,726, the highest intraday high on the Bitstamp stock market after a short squeeze. BTC, which rose almost 4% in the past few hours, dropped to $ 10,200 in its fall on September 23. At the time of writing, BTC changes hands at $ 10,667 after deleting some of its earnings.
Slight Improvements are Seen
Bitcoin, gold and stocks are seeing a slight improvement. Scott Melker, a cryptocurrency trader, stated that Bitcoin’s RSI surge gave a clue about the latest upward movement. The leading cryptocurrency has once again demonstrated its relationship with the old markets, with slight recovery. Gold has reduced its current losses by being in the green area now. The precious metal remained in the red zone for three consecutive days due to the rising dollar index. The S&P 500 also saw a modest increase after erasing all of its 2020 earnings in today’s trading session. If the indicator stock market index closes below 3,222, it will enter a correction.
Although it has risen since its epic fall, Bitcoin has yet to set foot above the $ 11,000 baseline level before the commonly anticipated three-month expiry of tomorrow’s options contracts. The strong dollar is definitely in a much better place than a year ago.
BTC is currently trading 10 percent higher on an annual basis, according to OnChainFX data. On September 24, 2019, the cryptocurrency fell to $ 7,900 after the breakup of a large descending triangle.
What Will Happen With Bitcoin Price?
The end of September is fast approaching for Bitcoin. In just six days, the monthly candle of the leading cryptocurrency will close. Because of the importance of this proximity, analysts make important comments.
BlockRoots co-founder and crypto analyst Josh Rager recently said that BTC must rise above $ 10,760 in the monthly time frame to be convinced of the bullish trend. $ 10,760 is where the cryptocurrency peaked on a monthly basis during the 2019 bull run, making it a very important level to watch. Rager made more statements on the subject:
“Bitcoin is not exempt from traditional markets as it follows very closely. However, there is only one week before the monthly close and I would like to see prices rise again above $ 10,760 by the end of September. If SPX and DXY play well, I think Bitcoin will be fine. “