Bitcoin (BTC) continued to rise to the upside at the Wall Street opening on September 12 as traders demanded an imminent correction.
$ 23,000 proves essential to flip
Data from Cointelegraph Markets Pro e TradingView
The pair had held on to existing gains over the weekend, with a falling US dollar providing a catalyst for risky assets earlier in the week.
The S&P 500 and the Nasdaq Composite Index are both trading up 1.1% after the first two trading hours. Conversely, the US dollar index (DXY) fell 0.7% over the day.
Analyzing the situation, popular Crypto trader Ed said it was time for a corrective move on BTC / USD.
“I would say there are all the signs for some short films,” he has said viewers in its latest YouTube update.
The upside potential was likely limited to $ 23,000, he suggested, while on the downside, $ 20,800 was an area of interest.
A gap on CME Bitcoin futures left by the close on September 10, meanwhile, has added the area around $ 21,400 as a possible retracement target.
“I would only look for longs if we broke $ 23,000, then to move towards $ 28,000– $ 29,000,” added Crypto Ed.
Equally expecting a change in trend was The Crypto Boss, which reinforced the belief that the current price strength was simply a relief rally within an overall bear market that day.
“Most people are going bullish now. Remember this is a short squeeze, a rebound that occurs during a bear market to continue the bearish trend afterwards, “he said. tweeted.
“I still expect a little higher ($ 22500– $ 23000), but soon I’ll be back to being fully bearish again.”
After sealing a weekly close above the realized price, BTC / USD now looked poised to see a daily candle close above the 100-day moving average (MA) for the first time since April.
Ethereum fights for Merge’s countdown
Less inspiring, meanwhile, was the price action on Ethere (ETH), which lost ground over the course of the day despite continued hype around the merger.
Related: The Fed, the Merger, and $ 22K BTC: 5 Things to Know About Bitcoin This Week
ETH / USD is down 2.2% at the time of writing, while ETH / BTC has caught the attention of some market participants.
Update: Rejection from the 0.085 level for ETH / BTC.
My position that the ETH rush for fusion runs out of gas is intact. I will keep watching this. pic.twitter.com/Xy0J6baaai
– Joe Consorti ⚡ (@JoeConsorti) September 11, 2022
Bitcoin’s share of overall cryptocurrency market capitalization therefore saw a strong rebound the day after hitting just 38.9%, its lowest since January.
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