- Will Bitcoin price continue its downward movement?
- Can DXY hold onto its critical support?
- What do Bitcoin and DXY charts show to investors?
What does Bitcoin and DXY Price Analysis show for the markets? Will they start rising movements? What are the important price targets?
Will Bitcoin Start Rising Movement? Current BTC Analysis!
12 Hour Bitcoin Price Chart Source: TradingView
When we examine the Bitcoin price on the 12-hour price chart, it can be seen that it has risen to the levels of 26,600$ with the strong presence of buyers from the support of 26,100$.
If the Bitcoin price makes 4-hour and daily candlestick closes above the level of 26,600$ mentioned in the analysis, it can realize the rising movement up to the levels of 28,500$.
It is very important for the BTC price to make daily candlestick closes especially above the level of 26,600$. As long as the BTC price stays above the level of 26,600$, its target will be the level of 28,500$.
If Bitcoin makes daily candlestick closes below the level of 26,600$, it can continue its downward movement up to the levels of 25,200$ mentioned in the analysis.
Will DXY Hold Onto Its Critical Support?
2 Day DXY Price Chart Source: TradingView
When we examine the price chart of DXY, it can be seen that it has advanced to the level of 102.43 with strong purchases from the important support levels of 100.72 – 101.43.
If the DXY price makes daily candlestick closes above the level of 102.80, it can continue its rising movement and realize the rising trend up to the levels of 105.83.
If DXY makes weekly candlestick closes above the level of 105.83, its next rising target will be the level of 109.
Bitcoin and DXY Correlation!
When we examine the Bitcoin price chart and DXY price chart, one of the most important similarities between them is undoubtedly that both have been realizing downward movements for days.
Although the DXY-BTC correlation used to realize movements together, it seems that this correlation has been broken recently.
While the Bitcoin price has been in a downward movement for the last 3 days, we see rising movements in the DXY chart for the last 6 days.
Many investors connect the downward movement of Bitcoin to the rising movement from the support level of DXY. At the same time, it is seen that the interest of investors has shifted to the Dollar Index.
One of the biggest reasons for this may be that the Bitcoin price has risen more than 60% from $19,000 to $31,000 and now investors may think that the possibility of the Bitcoin price falling to the critical support level of $25,000 has increased.
