Bitcoin traders hope $27K holds as BTC price ignores volatile US dollar

Bitcoin (btc) remained stuck at $27,500 at Wall Street's open on October 4 as attention continued to focus on rampant US yields.

Analysis: $27,000 is now “key” to BTC price

Data of Markets Cointelegraph Pro and TradingView showed a calm day for BTC price action while dominating US dollar volatility.

After its own wave of frenetic trading Coming into the week, Bitcoin was once again searching for direction, with market watchers marking key price points.

Popular trader Skew noted that market takers were selling towards $27,600, giving "importance to this price level recovery."

“Get that recovery and some decent pop will follow,” he predicted in part of an analysis on X (formerly Twitter) on October 4.

$BTC
takers selling at $27.6K

adds importance to this price level recovery

Get that recovery and some decent pop will follow.

please note the coinbase CVD (actual price carried by the buyer at $27.6k) pic.twitter.com/Jr6MDb7ru1

— Skew Δ (@52kskew) October 4, 2023

Crypto trader Tony also highlighted $27,000 as the line in the sand to the downside.

$BTC / $USD - Update

Holding that low of $27,000, so I remain long for the moment and would be short if we miss this low here, or inflate and reject strongly as suggested in the chart below. pic.twitter.com/bSDjWWaJEU

- Crypto Tony (@CryptoTony__) October 4, 2023

Meanwhile, updating his own trading strategy, trader Mark Cullen also emphasized holding $27,000 as support.

“Bitcoin is reacting from its first attempt in my zone and a touch on the breakout trend line,” he said. fixed in the attached comment.

“Market conditions on Tradfi are not very good, so the pressure has eased. Let's see if BTC can hold this area for a while longer, until other markets stabilize. Having 27k is key for $BTC!

Bitcoin bides its time as the dollar experiences a sharp pullback

As Cullen and others explained, the mood in traditional markets was decidedly less stable than that of Bitcoin on October 4.

Related: Bitcoin Analysts Still Predict BTC Price Drop to $20,000

This came thanks to the US 30-year bond yields. reaching 16 year highs – something that made commentators wary of a possible looming crisis.

Skew suggested that this anxiety over how macroeconomic forces would play out was responsible for the lack of significant BTC trading volume.

"There's not much more to it than dipping your toes in the water, other than that criminals mostly buy," another X post. fixed earlier.

“The market is probably trying to digest everything that is happening in terms of risk and exposure parameters. Many are capitulating to collect in my opinion in times of market crisis.”

The strength of the US dollar caused its own turmoil before the Wall Street open, with the US dollar index (DXY) falling rapidly from levels not seen since the fourth quarter of last year.

How has it been common in recent timesBTC/USD continued to shake off the DXY's rapid moves.

Commenting on the situation, Sven Henrich, founder of NorthmanTrader, demonstrated that the long-term DXY chart performance was behaving as expected.

"Amidst all the chaos and volatility, a clean and surprisingly consistent chart: the US dollar respects the trend lines of the channel," he said. said X followers.

“Negative divergence at recent highs at the top of the channel. “What happens with this will likely be one of the key market drivers for the rest of the year.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.