Bitcoin price hovers around $19k before monthly close

Bitcoin (BTC) investors are looking forward to volatility as the BTC/USD pair calms down around $19,000.

Bitcoin price hovers around $19k before monthly close
1-hour candlestick chart of BTC/USD (Bitstamp). Source: NewsOfFinance

The sea is calm before the monthly close

Cointelegraph Markets Pro and NewsOfFinance According to the data, the biggest cryptocurrency had a quiet night after surging as high as $19,600 the previous day.

Although the 6% rise after the heavy losses seen at the beginning of the week relieved the market, there is still uncertainty about how Bitcoin will close September, as the crypto money does not yet have a clear direction.

On-chain analytics resource Material Indicators commented, “I think it can find support at this level at least until Friday’s monthly and quarterly close, unless we encounter the mother of all rug pulls.” found.

Material Indicators, order book data Pointing out, he said that in case of a possible number in the market, $18,000 could act as a support.

Popular investor Doctor Profit drew attention to the interesting trend in Bitcoin price action.

“BTC usually spends 30-50 days sideways before the bearish leg. For the first time in two years, BTC spent more than 108 days in sideways movement,” he said. stated.

“This is what the accumulation cycle looks like.”

Bitcoin price hovers around $19k before monthly close
Annotated chart of BTC price action. Source: Doctor Profit/ Twitter

Dollar rises again

The focus was again on macro triggers, with the Bank of England making a major change in policy and announcing that it would switch to quantitative easing and purchase $65 billion in long-term government bonds.

Expert investor Stanley Druckenmiller says it’s not a good time to buy risky assets like crypto. while sayingCNBC host Joe Kernen explained:

“If other central banks follow what the Bank of England is doing in the next two to three years and things get really bad… Bitcoin could play a big role in the Renaissance as well, as people will no longer trust central banks.”

Arthur Hayes, CEO of derivatives exchange BitMEX, suggested a few months ago that major national currencies would enter a “death cycle”. had lasted.

According to Hayes, the euro has already seen its death cycle already this month. launched.

The US Dollar Index (DXY), on the other hand, started to rise again after the depreciation.

Bitcoin price hovers around $19k before monthly close
1-hour candlestick chart of the US Dollar Index (DXY). Source: NewsOfFinance

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