Bitcoin Price To Record Relief Rally Ahead? Here’s what experts advise
Bitcoin, the world’s largest cryptocurrency, is trading under tremendous selling pressure. However, this recent decline in BTC price is suggested due to the increased correlation between the digital asset market and traditional markets.
Bitcoin price has fallen by around 4% in the last 30 days due to mixed sentiments among investors and traders. Despite the recent drop, BTC has managed to outperform significant traditional market assets.
Can Bitcoin Price Break Resistance?
Coingape reported that the Bitcoin price rose 0.8% in September against the USD. It added that the BTC price has also outperformed gold and US indices. However, the Dollar Strength Index (DXY) is the only index that outperformed Bitcoin over the same period.
According to reports, the traditional finance (TradFi) Volume Depth has registered shallow marks. This key signal suggests that the crypto market may see a short-term respite. Data shows a direct relationship between Bitcoin price action and the US stock market.
The correlation between the Bitcoin price and the US stock market is close to triggering the bearish turbulence. However, the current technical hints suggest that the volume Depth oscillator reached a new low around September 25, 2022.
This recorded data matches the low values of February and March 2020. Experts suggest that this is a right indicator signaling a relief rally for the world’s largest crypto. Bitcoin price may jump to the $21,500-$24,500 range going forward.
The liquidation exceeds 92 million dollars
Currently, Bitcoin is trading at an average price of $19,207.62. Bitcoin price has registered a marginal fall in the last 24 hours. However, 24-hour trading has jumped 40% to $24.7 billion.
However, the global crypto market value has fallen by around 1.5% in the last day. It is now at around $927.8 billion. Over the past 24 hours, over $92.1 million has been liquidated from the market. Bitcoin recorded a liquidation of $17 million in the same period.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.
