Bitcoin traders pay attention to the U.S. dollar to get clues about the BTC price breakthrough, and Ethereum sticks to $2,000


Bitcoin (Bitcoin) It remained below USD 33,000 on July 9th, and the price fell again and ended the strength of altcoins.

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

BTC price breaks through USD 33,000 support

Data from Cointelegraph Markets Pro with Transaction view Follow BTC/USD as it hovered below the support level before Friday.

Earlier this week, $33,000 was tested several times, but it still exists as support, it’s just Coming to an end Thursday.

Then $33,000 participated in a short-term support/resistance rollover, and Bitcoin was unable to recover it, instead it was rejected every time it tried to rebound.

At the time of writing, the largest cryptocurrency transaction price is approximately US$32,700, with a base price of US$32,000 in a narrow range.

For the popular trader Crypto Ed, now is the time to focus on macro trends to understand what will happen next with Bitcoin.

In particular, the U.S. dollar has received attention-the upside of the U.S. dollar currency index (DXY) is currently 92.4, which should first fade away so that the crypto market has breathing room.

“Still paying close attention to DXY to gain the strength of cryptocurrency…I don’t think it will happen until DXY reaches the red box, reverses and continues its downward trend. ~$94, = it is,” he comment That day.

The dollar currency index (DXY) 1-day candlestick chart. Source: TradingView

As Cointelegraph Often reported, The strengthening of DXY is often accompanied by an increase in Bitcoin price pressure, and vice versa.This inverse correlation is not Foolproof, However, has seen multiple exceptions to the rule in the past year.

As Bitcoin falls, altcoins stagnate

At the same time, in terms of altcoins, the decline of Bitcoin weakened the gains.

The top 50 cryptocurrencies by market capitalization fell slightly overnight, in sharp contrast with their previous strengths.

related: Is Bitcoin overbought or oversold? Use Bollinger Bands to find out!

Ether (Ethereum), the largest altcoin, although it is also tracked horizontally Continuous improvement On the upcoming London hard fork.

However, as pointed out by traders and analysts Rekt Capital, price movements may still target a level below $2,000 and remain “converged” with the overall upward trend in 2021.

“There is a lot of support for integration in the $1850-2000 area,” he added Various comments Thursday.

As this week draws to a close, the ETH/BTC attack on 0.070 BTC also ended in failure, which itself lacks major resistance around 0.075 BTC.

ETH/BTC 1-hour candlestick chart (Bitstamp). Source: TradingView