BTC price approaching $20,400

With the August 29 Wall Street opening, Bitcoin (BTC) regained some of the support it had lost due to the short-term squeeze.

BTC price approaching $20,400
BTC/USD 1-hour candlestick chart (Bitstamp). Source: NewsOfFinance

Short positions are in trouble

Cointelegraph Markets and From NewsOfFinance The data showed that the BTC/USD pair approached $20,400 on Bitstamp when US stocks started trading.

This price action gave some relief to investors holding BTC, which traded below $20,000 over the weekend.

While the market currently has a short position, the current conditions seem to support it to move up a certain level to execute the futures with this short position.

“You know what’s next,” wrote the popular Twitter account Il Capo of Crypto. on the alert found and said that after the rise, the price will pull back more deeply.

Meanwhile, data from on-chain analytics platform Coinglass shows that $166 million of cross-crypto liquidations within 24 hours have started to increase at the time of writing. showed.

Also, US stocks started to decline slightly as the US dollar index (DXY), which had previously hit a two-year high, started to retarget the top after a minor pullback.

“DXY may be approaching its macro peak as Bitcoin did in April 2021,” Trader JACKIS said. summarized.

“The many bearish trends seen on the daily chart are something that should not go unnoticed. DXY peaking means big assets see bottom.”

BTC price approaching $20,400
US Dollar Index (DXY) 1-hour candlestick chart. Source: NewsOfFinance

It’s too early to get excited

After the Fed’s statements last week, the monetary tightening policy, also known as QT (quantitative tightening), looked set to continue, with little positive effect for stocks to rise.

Trader and analyst Josh Rager said, “As long as SPX looks like this, it’s hard to get excited about BTC and big gains,” said.

“There will be values ​​that do better and still rise in this bearish environment, but it will also be very difficult to watch the slow progress of stocks outside of certain tokens.”

Altcoins, meanwhile, did not show a parallel rise as Bitcoin rose and performed complexly. Ether (ETH), the leader among altcoins, has performed better than the others.

At the time of writing, ETH is up around 6 percent on the day, surpassing the $1,500 price level.

BTC price approaching $20,400
ETH/USD 1-hour candlestick chart (Binance). Source: NewsOfFinance

Cointelegraph does not endorse any of the content or products on this page. While we aim to provide you with all the important information we can obtain, readers should do their own research and take full responsibility for their decisions before taking any action with the company. This article cannot be considered investment advice.

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