The price of Bitcoin has been stagnating in recent weeks, as it couldn't break above $11,000 and couldn't drop below $10,000, the ultimate sign of a continued range-bound structure.
Such a range-bound and sideways structure could strengthen some relief on the markets, as the altcoins - especially the DeFi sector - have seen massive selloffs in recent weeks.
What's next for Bitcoin as the futures expiration day is tomorrow, which most likely will cause short-term volatility?
Bitcoin is still waiting to fill the CME gap as the downtrend continues.
Bitcoin and other assets might see a relief rally if the USD corrects.
Since the price of Bitcoin is now resting on a support level and the U.S. Dollar might be topping out, a relief rally may be expected.
One bearish factor is the recent negative market sentiment, which is a heavy argument against a short-term relief rally.
In any case, a rally towards $10,700-11,000 is on the tables, as the 2-hour chart shows.
If that occurs, a potential relief rally towards the upper resistance zones is likely.
This relief rally can't be stated as a potential bottoming structure on the markets in general.
Bitcoin may see relief rally to $11K after Dollar Strength Index soars
Publicado en Sep 24, 2020
by Cointele | Publicado en Coinage
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