Bitcoin Above $19K Level Despite US Dollar Index Reaching Highest Level in Over 20 Years
On Monday (September 26), the Bitcoin price is somehow managing to stay above the $19,000 level and in the green (i.e. up on the day) despite the intense pressure on risk-on assets such as crypto and stocks with the U.S. Dollar Index (DXY) at a 20-year high.
According to data from TradingView, on crypto exchange Bitstamp, $BTC is currently (i.e. as of 5:20 p.m. UTC on September 26) trading around $19,064, up 0.51% in the past 24-hour period.
Wikipedia says the U.S. Dollar Index” (DXY)—designed, maintained, and published by ICE (Intercontinental Exchange, Inc.)—is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies. These other currencies are EUR, GBP, JPY, CAD, SEK, and CHF.
Per data by MarketWatch, over the past seven-day period, DXY has gone from 109.58 to 114.16, which is an increase of 4.18%. The last time DXY was this high was in April 2002.
Here are what some popular crypto analysts saying about the latest Bitcoin price action:
Theory still stands for #Bitcoin.— Michaël van de Poppe (@CryptoMichNL) September 26, 2022
Crucial area at $18.6K holds for support, which we've been testing multiple times.
Another test of the $19.4-19.5K area (which we'll be doing soon) is, most likely, giving a breakout to the upside.
I'm targeting $20K and $22.5K. pic.twitter.com/JvdKj1gTv9
After all of what is happening right now with sovereign currencies, #Bitcoin is STILL over $19,000.— Toby Cunningham (@sircryptotips) September 26, 2022
This is great news.
Currently ~71% of circulating supply hasn't moved in approximately 6 months.— Dylan LeClair 🟠 (@DylanLeClair_) September 26, 2022
27% of circulating supply has been held for ~6 months and is currently underwater. These coins likely are not selling.
The supply inelasticity of $BTC cuts both ways. Something to keep in mind… pic.twitter.com/pLKV0SsoD1