• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Thursday, August 18, 2022
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Bitcoin Starts Week Under Pressure But A $12K-Retest is Likely; Here’s Why

24 August 2020
in Bitcoin
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT



Bitcoin has started the new week in mildly positive territory even as the US dollar continues to find fresh bids.

The benchmark cryptocurrency was up $27.43, or 0.24 percent, to trade near $11,677. Meanwhile, the US dollar index, which pits the greenback against a basket of foreign currencies, surged 0.01 percent.

Dollar Calm ahead of Jackson Hole Meeting

The steadiness in the US dollar appeared as traders awaited for further guidance from the Federal Reserve monetary policy as their top officials sit for an annual Jackson Hole meeting. The greenback surged last week on stronger-than-expected business activity and home sales.

Junichi Ishikawa, the senior foreign-exchange strategist at Tokyo-based IG Securities, called the dollar’s rise a “short-term bounce,” stating that the greenback merely retreated from its technical support against the Euro. He added the fiat would remain under pressure of falling as long as the Federal Reserve stays dovish.

“In the long term, the dollar will resume its decline because the Fed has to commit to aggressive easing for a very long time,” said Mr. Ishikawa.

Prospects of continued monetary support from the central bank have proved bullish for safe-havens so far. Gold, one of the top hedging assets, established an all-time high earlier this month as investors moved away from the US dollar, fearing its devaluation in the long-term.

Bitcoin to $12K

Bitcoin, an emerging safe-haven asset, also hit a fresh year-to-date high above $12,000 on a similar inflationary outlook. The cryptocurrency also established an uncanny negative correlation with the US dollar index, proving that a stronger BTCUSD took cues from a weaker greenback.

US dollar index bounces back after falling 10.55% from its March top. Source: TradingView.com

A renewed buying sentiment in the dollar market has eased Bitcoin’s uptrend. That, coupled with a relatively higher selling pressure above the $12,000-level, has led the cryptocurrency’s price lower. Nevertheless, it continues to hold above key technical support levels between $10,500 and $11,400.

Related articles

Why The Bitcoin Hashrate Has Barely Moved Since May

18 August 2022

Bitcoin Mining Company Returns Over 26,000 Rigs To Save Itself From A Ballooning Debt

18 August 2022

“One thing I’ve noticed is that we seem to bounce at support when we spend this much time resting on it,” one pseudonymous trader said about Bitcoin. “For now, I’m left to assume at least a short term bounce up from this zone.”

bitcoin, btcusd, cryptocurrency, xbtusd, btcusdt

Bitcoin shows signs of sharp bounce backs. Source: TradingView.com, NebraskanGooner

[crypto-donation-box]

The analogy fits well with what Mr. Ishikawa said about the US dollar’s rise. With that said, as long as the Federal Reserve is willing to continue its open-ended bond-buying program and to maintain its benchmark lending rate near zero, the greenback’s bias would remain bearish.

Cryptohopper
ADVERTISEMENT

Meanwhile, the same sentiment would keep Bitcoin on the path towards $12,000-retest, followed by a breakout. Analyst Lark Davis weighed:

“The bitcoin break out has an implied target near 13,800 which is a massively key level for us to crush since it represents to top of the 2019 bear rally.”

Bitcoin was trading at $11,663 at the time of this writing.





Source link

Tags: 12KRetestBitcoinHerespressureStartsWeek
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Ripple: Allegations of fraud under submission

Next Post

Blockchain Bites: Ripple’s Rebuff, DeFi’s ‘Degens’ and China’s CBDC

Related Posts

Why The Bitcoin Hashrate Has Barely Moved Since May

18 August 2022
0

Data shows the Bitcoin mining hashrate has been moving sideways since five months now as the miners’ revenues remain low....

Bitcoin Mining Company Returns Over 26,000 Rigs To Save Itself From A Ballooning Debt

18 August 2022
0

Bitcoin mining can bring some promises of good fortune, but given the unpredictable nature of bitcoin and other cryptocurrencies, the...

Ukraine Buys New Batch Of Weapons To Fight Russia Using $60 Million Crypto Donations

18 August 2022
0

The invasion of Ukraine by Russia prompted crypto donations from all around the world. It was intended to assist the...

Is the Bitcoin Stock Market Correlation Finally Ending?

17 August 2022
0

The correlation between bitcoin price and the stock market has grown to new highs this year. As a result, the...

Bitcoin Is Now Accepted In This Popular Resort In The Maldives

17 August 2022
0

Bitcoin is making its way into the payment processing hardware of this posh resort in the archipelagic state located in...

Load More
Next Post

Blockchain Bites: Ripple's Rebuff, DeFi's 'Degens' and China's CBDC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Crypto Lender Celsius’ Collapse Into Bankruptcy Should Be Probed, US Says
  • Ripple launches crypto-enabled payments in Brazil
  • House Lawmakers Send Letters to 4 U.S. Crypto Miners Asking for Details on Environmental Impact

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$45,716.00-1.31%
  • ethereumEthereum(ETH)$3,456.77-0.85%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$439.95-1.61%
  • usd-coinUSD Coin(USDC)$1.00-0.21%
  • SolanaSolana(SOL)$128.84-4.73%
  • rippleXRP(XRP)$0.82-1.94%
  • TerraTerra(LUNA)$111.19-1.25%
  • cardanoCardano(ADA)$1.190.55%
  • AvalancheAvalanche(AVAX)$92.73-3.81%
  • polkadotPolkadot(DOT)$22.10-4.14%
  • dogecoinDogecoin(DOGE)$0.144901-0.44%
  • Binance USDBinance USD(BUSD)$1.000.03%
  • TerraUSDTerraUSD(UST)$1.00-0.03%
  • Shiba InuShiba Inu(SHIB)$0.000026-1.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$45,705.00-1.34%
  • CronosCronos(CRO)$0.473031-1.56%
  • matic-networkPolygon(MATIC)$1.63-2.68%
  • Lido Staked EtherLido Staked Ether(STETH)$3,455.57-0.80%
  • NEAR ProtocolNEAR Protocol(NEAR)$15.62-3.50%
  • daiDai(DAI)$1.00-0.09%
  • cosmosCosmos Hub(ATOM)$30.76-3.98%
  • litecoinLitecoin(LTC)$123.39-2.73%
  • chainlinkChainlink(LINK)$17.14-5.68%
  • tronTRON(TRX)$0.069912-3.60%
  • bitcoin-cashBitcoin Cash(BCH)$370.86-0.90%
  • FTX TokenFTX Token(FTT)$49.41-1.74%
  • ethereum-classicEthereum Classic(ETC)$45.69-1.36%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • algorandAlgorand(ALGO)$0.88-4.27%
  • stellarStellar(XLM)$0.231372-0.55%
  • leo-tokenLEO Token(LEO)$5.95-0.02%
  • OKBOKB(OKB)$20.68-0.82%
  • UniswapUniswap(UNI)$11.31-3.17%
  • vechainVeChain(VET)$0.076890-1.96%
  • Axie InfinityAxie Infinity(AXS)$63.07-4.37%
  • HederaHedera(HBAR)$0.235142-4.16%
  • Internet ComputerInternet Computer(ICP)$21.47-0.24%
  • filecoinFilecoin(FIL)$24.44-2.18%
  • ElrondElrond(EGLD)$189.04-2.56%
  • decentralandDecentraland(MANA)$2.61-2.92%
  • The SandboxThe Sandbox(SAND)$3.40-2.47%
  • FantomFantom(FTM)$1.52-3.28%
  • moneroMonero(XMR)$214.53-0.30%
  • wavesWaves(WAVES)$37.59-24.48%
  • theta-tokenTheta Network(THETA)$3.76-6.47%
  • cETHcETH(CETH)$69.26-1.11%
  • tezosTezos(XTZ)$3.80-4.12%
  • ApeCoinApeCoin(APE)$11.60-3.99%
  • The GraphThe Graph(GRT)$0.480061-4.90%