Bitcoin
BTC$23 363.14

-0.03%

Ethereum
ETH$1 868.52

1.92%

Tether
USDT$0.999977

-0.01%

USD Coin
USDC$0.999951

0.01%

Binance Coin
BNB$303.33

-1.00%

XRP
XRP$0.378717

0.24%

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.


Related

The crypto market tests the strength of buyers
The crypto market tests the strength of buyers
Bitcoin seeks support
Bitcoin seeks support
Bitcoin's bullish stability
Bitcoin's bullish stability
Bitcoin remains in ascending corridor
Bitcoin remains in ascending corridor
Bitcoin retreats from the upper boundary of an uptrend channel
Bitcoin retreats from the upper boundary of an uptrend channel
Musk has clipped the wings of Bitcoin
Musk has clipped the wings of Bitcoin
Crypto's full swing recovery
Crypto's full swing recovery
Blockchain projects are pulling the crypto market up
Blockchain projects are pulling the crypto market up
Bitcoin dipped into a flat
Bitcoin dipped into a flat

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 90.4% 11 $23 363.14 -0.03% -2.65% $446 823 684 066 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.8% 57 $1 868.52 1.92% -0.51% $227 993 947 896 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $0.999977 -0.01% -0.04% $67 547 880 122 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $0.999951 0.01% 0.01% $52 853 692 355 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 63 $303.33 -1.00% -6.38% $48 938 685 508 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 88.4% 10 $0.378717 0.24% -0.28% $18 700 123 577 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92% 1 $0.999950 0.02% 0.01% $18 538 747 093 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 84.8% 27 $0.528389 -1.39% -0.64% $17 930 371 507 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 79.6% 35 $40.86 0.98% -4.45% $14 252 057 103 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 83.6% 28 $0.077619 -3.50% 9.27% $10 297 802 123 DOGE 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 67.6% 66 $0.055681 -5.02% -9.31% $9 655 716 850 HEX 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 69.6% 55 $8.39 -0.08% -8.83% $9 297 483 290 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 74.4% 43 $0.000014 -4.14% 15.33% $7 806 235 316 SHIB 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 82% 24 $0.893855 1.02% -2.98% $7 188 492 292 MATIC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.