Bitcoin ignores U.S. dollar strength to continue BTC price gains into October.
For popular trader and analyst Rekt Capital, this monthly close — despite now being more than 5% below spot price — called for caution.Rekt Capital acknowledged the October breakout, and that this would “invalidate the bearish predicament” should it endure.
“But because BTC Monthly Closed below black, there is always going to be a chance that this price action could end up as an upside wick,” he continued. “Bitcoin has offered upside wicks of up to +8% long before. Right now, BTC is up +4.5% this month. So technically, anything up to ~$29400 could theoretically end as an upside wick.”Closer to home, market observers noted ongoing encouraging signals on exchange order books.
“Spot bid continues, while funding is negative. This reeks of disbelief,” popular trader Jelle suggested as a result. Fellow trader Skew noted that spot markets were driving the move after the Wall Street open, displaying an “interesting disconnect” with derivatives.After Congress avoided a government shutdown, the U.S. dollar index staged a sharp rebound from losses seen late last week.U.S. dollar index 1-day chart. Source: TradingViewThis article does not contain investment advice or recommendations.
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