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    Bitcoin price needs new high above $69K ‘mid week’ as US dollar surges

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    Bitcoin (BTC) continued to exert pressure on its support level, with some analysts suggesting a new high could emerge shortly. However, the cryptocurrency experienced a slight blip around $67,000 following a US-led sell-off. Many traders believe it needs to reach more than $69,000 mid-week to demonstrate market strength, while the likelihood of falling to $65,000 shouldn’t be ruled out. Other analysts suggest BTC could retest support levels closer to $60,000. Meanwhile, the strength of the US dollar is important to bear in mind, as it typically operates in an inverse relationship with cryptocurrencies.

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    So, it seems like Bitcoin (BTC) kept putting pressure on its support level on October 22. Experts say we should be seeing a fresh high in the next few days.

    On the second day, we’re seeing BTC prices challenging its support level. Trading conditions for BTC were a bit choppy around the latest Wall Street open.

    BTC had a bit of a wobble around $67,000 and was struggling to get its bullish energy back after dropping 3% thanks to a sell-off led by the USA the day before.

    Popular trader and analyst Skew, pointed out in a couple of posts that Bitcoin needs to hit a new pinnacle mid-week to show its strength. Supposedly, if the market is really strong, the price should get over $69K. On the flip side, the chart indicates that the $65,000 mark is a possible target, alongside some short-term exponential moving averages (EMAs).

    Some are even saying we could see deeper support retests, hinting at targets closer to $60,000. A trader by the name of Castillo Trading summed it up pretty neatly: $66,500 support needs to hold for Bitcoin, and if that fails, they’re looking to prolong the $61,065 nPOC print.

    Another trader by the name of Roman claimed that Bitcoin was bouncing off the 66k support level as a positive breakout & retest. He mentioned that the BTC was showing a downward trend in terms of its relative strength index (RSI) values on daily timeframes.

    He added that he’d like to see us dive further into it to help cool off RSI and create volatility, adding that we’ll need it to break our larger 70k resistance.

    In other news, attention shifted towards the strength of the US dollar as the accelerated climb of equities chilled out after hitting new all-time highs. Contributor to onchain analytics platform CryptoQuant, J. A. Maartunn, noted that The US Dollar Index ($DXY) is rising quite rapidly, yet almost no one is talking about it.

    DXY broke 104 on the day, up 3.2% since the start of the month. Interestingly, even though the strength of DXY typically has an inverse relationship with crypto and risk-assets, it hasn’t managed to dampen enthusiasm for taking risks, even with the rising inflation markers popping up again.

    Skew threw in his thoughts on the DXY rebound, suggesting that it could be due to uncertainty over future US financial policy easing and the outcome of the Presidential Election. His final takeaway was, “US Equities still chugging along but will be keeping an eye out for US election weakness”.

    It’s important to remember that these are all opinions and suggestions. Any investment or trading move is a risk, so it’s always advisable to do your own research before making any decisions.

    Source: Cointelegraph

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