Home Cryptocurrency BTC price knocks on $28.5K as trader says Bitcoin ‘reeks of disbelief’

BTC price knocks on $28.5K as trader says Bitcoin ‘reeks of disbelief’

by Harry Garcia

Bitcoin, the largest cryptocurrency, continued its bullish start to the month as it aimed for $28,500 at the Oct. 2 Wall Street open. Data from Cointelegraph Markets Pro and TradingView showed that BTC price action remained strong into October’s first United States trading session, despite a cool monthly candle completion that saw BTC/USD finish at $26,970.

For popular trader and analyst Rekt Capital, caution was needed due to the September monthly close below $27,100. He mentioned that there was a chance that the price action could end up as an upside wick, with Bitcoin having offered upside wicks of up to +8% in the past. Closer to home, market observers noted ongoing encouraging signals on exchange order books, indicating disbelief among traders.

While Bitcoin was making significant gains, the U.S. dollar also surged, rebounding from losses seen late last week, after Congress avoided a government shutdown. The U.S. Dollar Index (DXY) approached 106.7, just 0.2 points off its recent 2023 highs. Crypto analyst Nebraskan Gooner suggested that a breakout from this level could put 108 in play, marking new 11-month highs.

Despite the strength of the U.S. dollar, Bitcoin remained unaffected. Analyst Mohamed El-Erian described the DXY strength as something that neither the U.S. economy nor the markets enjoyed. However, Bitcoin remained resilient amidst these conditions.

It is important to note that this article does not provide investment advice or recommendations. Investors and traders should conduct their own research and exercise caution when making decisions.

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