Bitcoin Aims for $28,500 as Bullish Momentum Continues
Bitcoin (BTC) is targeting $28,500 as it starts the month with bullish momentum. The cryptocurrency saw rapid gains leading up to the weekly close, following a relatively cool monthly candle close at $26,970. However, popular trader and analyst Rekt Capital warns of caution due to the monthly close being below a key resistance level of $27,100. He notes that there is a chance that the current price action could end up as an upside wick if Bitcoin fails to sustain the breakout above this level. Despite this, market observers have noticed encouraging signals on exchange order books, suggesting ongoing bullish sentiment.
Bitcoin Shrugs Off U.S. Dollar Surge
The U.S. dollar has also been eager to hit new local highs alongside Bitcoin. After Congress avoided a government shutdown, the U.S. dollar index (DXY) experienced a sharp rebound from last week’s losses. Currently at 106.7, DXY is just 0.2 points away from its recent 2023 highs. Crypto analyst Nebraskan Gooner believes that a breakout from this level could push the index to 108, marking new 11-month highs. Despite the strength of the U.S. dollar and other factors like higher bond yields and oil prices, Bitcoin remains unaffected by these developments.
Hot Take: Bitcoin Remains Resilient Amidst External Factors
Bitcoin continues to defy external factors such as the strength of the U.S. dollar and displays resilience in its price action. Despite warnings about potential upside wicks and cautious sentiments surrounding the monthly candle close, Bitcoin maintains its bullish momentum and aims for $28,500. The ongoing positive signals on exchange order books further support this upward trend. While the U.S. dollar experiences a rebound and approaches new highs, Bitcoin remains unfazed, suggesting that its performance is driven by factors unique to the cryptocurrency market. As Bitcoin continues to showcase its strength, investors and traders remain optimistic about its future prospects.
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