Bitcoin
BTC$60 032.76

-2.11%

Ethereum
ETH$3 989.05

-3.01%

Binance Coin
BNB$469.93

-2.46%

Tether
USDT$1.000447

0.02%

Cardano
ADA$2.10

-2.38%

Solana
SOL$187.59

-3.86%

Bitcoin trader eyes US dollar for BTC price breakout cue, Ethereum clings to $2K


09 Jul 2021

#Bitcoin

No sign of a breakout as $33,000 becomes resistance overnight and altcoins trade mostly flat as a result of BTC price weakness. Bitcoin (BTC) stayed below the $33,000 mark on July 9 with a fresh price dip also putting an end to altcoin strength. Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ranged below a previous support level into Friday. Earlier in the week, $33,000 saw multiple tests but remained in place as support, this only coming undone on Thursday.

$33,000 then became involved in a form of short-term support/resistance flip, with Bitcoin unable to reclaim it and conversely seeing rejection at each attempted rally.

At the time of writing, the largest cryptocurrency traded at around $32,700, stuck in a narrow range with $32,000 as its floor.  For popular trader Crypto Ed, the time was right to eye macro trends for hints as to what could happen to Bitcoin next. In particular, the U.S. dollar was on the radar — upside in the U.S. dollar currency index (DXY), currently at 92.4, should first subside in order for crypto markets to have room to breathe.

"Still keeping an eye on DXY for strength in crypto... I think not before DXY reaches red box, reverses and continues its downtrend. ~$94,= it is," he commented on the day.

As Cointelegraph often reports, DXY strength tends to be coupled with increased price pressure on Bitcoin, with the reverse also true. This inverse correlation is not fool-proof, however, with the past year seeing multiple exceptions to the rule.

Altcoins stall as Bitcoin drops

On altcoins, meanwhile, gains were muted by Bitcoin's slide lower. The top fifty cryptocurrencies by market cap saw modest losses overnight, contrasting with previous strength. Ether (ETH), the largest altcoin, likewise tracked sideways despite continued progress on its upcoming London hard fork. 

As noted by trader and analyst Rekt Capital, however, price action can still target levels below $2,000 and remain "confluent" with the overall uptrend in 2021. "Lots of confluent support in the $1850-$2000 area," he added as part of various comments on Thursday.

An attack on 0.070 BTC for the ETH/BTC pair likewise ended in defeat as the week drew to a close, this itself short of major resistance at around 0.075 BTC.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66.8% 74 $60 032.76 -2.11% -1.50% $1 131 802 049 382 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.2% 59 $3 989.05 -3.01% 4.71% $470 948 938 919 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 62 $469.93 -2.46% 0.52% $78 385 216 501 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 92% 1 $1.000447 0.02% 0.09% $69 605 178 895 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 89.2% 13 $2.10 -2.38% -2.74% $69 174 273 027 ADA 7 days price change
6 Solana (SOL) SOL Solana predictions 70.8% 56 $187.59 -3.86% 17.09% $56 455 905 240 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 76.8% 49 $1.063738 -2.10% -5.03% $49 938 635 685 XRP 7 days price change
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11 Terra (LUNA) LUNA Terra predictions 67.6% 61 $40.06 -6.21% 7.93% $16 078 547 993 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 77.6% 42 $25.49 -4.26% -3.47% $15 592 349 712 UNI 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 58.8% 92 $0.000038 12.93% 47.19% $14 846 178 540 SHIB 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 61 $62.43 -4.16% 10.20% $13 751 801 922 AVAX 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 72.4% 50 $29.06 -5.36% 8.54% $13 396 474 820 LINK 7 days price change

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