Bitcoin Reclaims $19,500 As Dollars Plummets, Will BTC See More Upside?

Bitcoin has displayed some strength during today’s trading session after re-visiting the bottom of an important trendline. The benchmark crypto has been trading in a tight range, between $18,600 and $19,500, but the monthly close might support a spike in volatility as bulls and bears fight for this candle.

Related Reading: 2022: The Year Extreme Fear Took Over The Crypto Market

At the time of writing, Bitcoin (BTC) trades at $19,400 with a 2% profit in the last 24 hours and 7 days. Other cryptocurrencies seem to be the following Bitcoin as they record small profits on low timeframes. The benchmark crypto might be preparing for further gains.

Bitcoin Reclaims $19,500 As Dollars Plummets, Will BTC See More Upside?

BTC’s price with minor gains on the 4-hour chart. Source: BTCUSDT Tradingview

Bitcoin Sets The Stage For More Profits?

In addition to the monthly close, Bitcoin’s recent price action seems to be supported by a crash in the U.S. Dollar. The currency was able to reach levels last seen in the early 2000s, as it touched 115 on the DXY Index, but it was rejected from these levels.

At the time of writing, the DXY Index trades at 112 and might return to its early September lows much southern. The DXY Index’s rally has been one of the main obstacles capping the upside in Bitcoin and other risk-on assets, such as equities.

In that sense, a revisit of the September lows might allow the crypto market to extend its current bullish price action over the coming weeks. According to analyst Justin Bennett, the DXY Index price action might support a Bitcoin rally back to $26,000.

The cryptocurrency might reach this level before the next U.S. Federal Reserve Federal Open Market Committee (FOMC) meeting. As seen in the chart below, Bennett claims that Bitcoin has been trading in a channel with a bottom at around $18,700 and a top at $27,000.

With U.S. dollars trading to the downside, Bitcoin might be able to reclaim the high of this channel. The analyst wrote: “As long as $18,700 holds, this is my Bitcoin playbook through October”.

Bitcoin Reclaims $19,500 As Dollars Plummets, Will BTC See More Upside?

BTC moving away from the bottom of this channel, how far will it rally? Source: Justin Bennett via Twitter

Bitcoin On A Lighter “Bear Market”?

Additional data from a pseudonym analyst indicates that Bitcoin might be in a lighter downside price action. The analyst looked into BTC’s price previous drawdown from its all-time highs (ATH) and discovered that the cryptocurrency is only 74% from those levels.

In the 2013 and 2017 bear markets, Bitcoin crashed 84% from its previous all-time high and in 2011, 93%. This could suggest BTC bear market is getting weaker or that the cryptocurrency might see another leg down.

Related Reading: Chainlink Price Struggles To Break Above, Can Price Hit 10?

In addition, the analyst discovered that Bitcoin has spent 316 days away from its all-time high. In previous years, the cryptocurrency is able to find a bottom on an average of 312 days after crashing from its ATH. In that sense, the analyst concluded:

The duration of 316 days in current bearmarket so far is between 2011 and 2013 + 2017. Either, we bottom soon-ish or this time is different. The average duration from top-to-bottom is very interesting as well. The average is 312 days, which is where #Bitcoin is right now.

NEWS RELATED

Aave Feeling the Squeeze Even After Failed Attempt by Mango Hacker

The trader who exploited Mango Market failed to do the same on Aave. But he did prove a point, and left Aave with $1.6 million in bad debt.

View more: Aave Feeling the Squeeze Even After Failed Attempt by Mango Hacker

Co-Founder of $3 Billion Crypto Firm Dies at 30 – Here’s What You Need to Know

Image source: Pixabay Tiantian Kullander, co-founder of $3 billion crypto finance service provider company Amber Group, passed away in his sleep on November 23.  The company’s official website now displays a pop-up that confirms the death of Kullander and also shares some details about his achievements.  “It is with the deepest ...

View more: Co-Founder of $3 Billion Crypto Firm Dies at 30 – Here’s What You Need to Know

Dogecoin Price Prediction as DOGE Shoots Up 13% - Can it Reach $1 by 2023?

Dogecoin price prediction is positive, as it has risen above $0.0870 and is now trading at $0.0910. Dogecoin, on the other hand, is struggling below the $0.0965 resistance level, which is extended by a 38.2% Fibonacci retracement level and a double top resistance level. Let’s take a closer look ...

View more: Dogecoin Price Prediction as DOGE Shoots Up 13% - Can it Reach $1 by 2023?

Bitcoin Price Prediction – Can BTC Rally to $20,000 This Week?

Bitcoin price prediction remains neutral on Saturday, with BTC consolidating from $16,400 to $16,780. The market volatility remains low despite the Thanksgiving holiday and a series of fundamentals driving risk-off sentiment and keeping investors in the dark. Singapore’s Central Bank Warns of Cryptocurrency Risks The Monetary Authority of Singapore (MAS), Singapore’s ...

View more: Bitcoin Price Prediction – Can BTC Rally to $20,000 This Week?

Oryen Network 200% Gain Sends Aave And Pancakeswap A Message That It Means Business

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content. Given its many benefits, such as the absence of laws and government policies, the decentralized finance (DeFi) industry is attracting much attention. This is in contrast to traditional financial (TradFi) systems, where you depend on ...

View more: Oryen Network 200% Gain Sends Aave And Pancakeswap A Message That It Means Business

Analysts Recommend Dropping Bitcoin (BTC), Ethereum (ETH), Orbeon Protocol (ORBN) Presale Sees Massive Demand

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content. The market has been seeing red lately, which usually means massive green spikes will come in the months ahead. Bitcoin and Ethereum, the two titans of the crypto space, are nearing their bear market lows, while ...

View more: Analysts Recommend Dropping Bitcoin (BTC), Ethereum (ETH), Orbeon Protocol (ORBN) Presale Sees Massive Demand

Crypto Analyst Tommy Lee Changes His 2022 Bitcoin Prediction – This is What He Thinks Now

Tom Lee. Source: a video screenshot. Top Wall Street strategist Thomas Lee, who is also co-founder of Fundstrat Global Advisors, believes crypto will reemerge despite a lackluster performance in 2022.  Lee, who appeared in a recent interview with CNBC, said the current crypto bear market is nothing new. He ...

View more: Crypto Analyst Tommy Lee Changes His 2022 Bitcoin Prediction – This is What He Thinks Now

Why Arbitrage is a solid crypto investment strategy for 2023

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content. 2022 has been a rough year for the crypto markets, involving a great deal of uncertainty, relating to digital asset prices, blockchain investment and exchange reliability. As a result, investment trends have adapted, with crypto ...

View more: Why Arbitrage is a solid crypto investment strategy for 2023

Best Crypto to Buy Today D2T, 25 November – D2T, XRP, TARO, TRX, RIA

Dash 2 Trade Raises $7M, Accelerates Development to Tackle FTX Fallout

Dogecoin Gets Double-Digit Black Friday Pump

New Metaverse Game Backed by LBank Labs Could Easily 25x – How to Buy Early?

Crypto Black Friday Deals: Silks is Outperforming the Competition with the Avatar&Horse Bundle

Whales are Stocking Up on These Lesser Known Cryptos as Crypto Prices Go Down – Find Out Why

Good News: NFT Signals is running a Black Friday Offer- Don’t Miss it!

Binance Launches Proof-of-Reserve System for Bitcoin, Ethereum 'Coming in The Near Future'

Cloudbet Review, Bonuses & Promo Codes 2022

Matrixport Targets New $100M Funding Round at $1.5B Valuation

Bitcoin Price Prediction as BTC Holds Strongly Above $16,000 – Time to Buy?

Is It Wrong for DeFi Projects to Track Data?

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network