Bitcoin (BTC) could see a “relief” rally near $ 11,000 as stock markets rebound and US dollar concerns remain.
In one Tweet on September 8th the analyst of Cointelegraph Markets, Michaël van de PoppeHe said he didMacro moves could serve to strengthen the BTC / USD pair.
BTC price could fill the upper futures gap first
The rebound would follow the test times for Bitcoin. which has repeatedly fallen below the $ 10,000 support since Friday. According to the long-term trends, The major cryptocurrency could benefit from a macro sentiment shift.
“The futures in the US are recovering significantly. Europe is also recovering.”wrote Van de Poppe.
“This could indicate a slight easing in the BTC dollar towards the $ 10,600-10,800 area as well.”
Van de Poppe previously warned that Bitcoin was not at the lowest point of its bearish phaseand could still fall below recent lows to hit $ 9,500, closing a smaller “void” in CME Group’s Bitcoin futures market.
An increase to $ 10,600 would also fill a gap that occurred over the weekend. Until now, The BTC / USD pair failed to break above USD 10,400.
Not all were so optimistic about the near-term outlook. The seasoned trader highlights the most recent chart action Peter Brandt described both BTC and Ether (ETH) as “in decline”.
6-month correlation chart between Bitcoin and SP 500. Source: Skew
Broker: USD wins “possible bullish trap”
While the advances in Bitcoin began to disappoint Brandt since April, The USD continues to give bearish signals to market commentators despite recent strength.
Bitcoin’s 15% decline last week coincided with a surge in the US dollar currency index (DXY).. In the future, however, a combination of Federal Reserve inflation policy and monetary pressure will weaken your strength.
According to the forex broker FxPro, The dollar is likely to reach a much higher level against the major currencies, the euro, the pound sterling and the Swiss franc to emerge from their ongoing collapse.
“Without accelerated growth in the dollar and without reaching previous levels, with brief corrections we will remain in the weakening pattern.”he warned Wednesday.
DXY appeared to end its six-day winning streak that day. hover around 93.6. FxPro said that further Indeed, revenue can be a “bull trap”This means that a larger retreat can follow that will stop progress.
6 month chart of the US dollar currency index. Source: TradingView