Bitcoin traders hope $27K holds as BTC price ignores volatile US dollar

Bitcoin (BTC) stayed glued to $27,500 at the Oct. 4 Wall Street open as attention continued to focus on rampant United States yields.

BTC/USD 1-hour chart. Source: TradingView

Analysis: $27,000 now “key” for BTC price

Data from Cointelegraph Markets Pro and TradingView showed a calm day for BTC price action while U.S. dollar volatility ruled.

After its own spate of hectic trading to start the week, Bitcoin was once more seeking direction, with market observers marking out key price points.

Popular trader Skew flagged market takers selling toward $27,600, lending “importance to this price level reclaim.”

“Get that reclaim & decent pop will come,” he predicted in part of an analysis on X (formerly Twitter) on Oct. 4.

takers selling into $27.6K

adds importance to this price level reclaim

Get that reclaim & decent pop will come

note coinbase CVD (actual buyer led price into $27.6K)

— Skew Δ (@52kskew) October 4, 2023

Fellow trader Crypto Tony additionally highlighted $27,000 as the line in the sand to the downside.

$BTC / $USD – Update

Holding that $27,000 low, so i remain long for the time being and would be shorting if we lose this low here, or pump up and reject hard as suggested on chart below

— Crypto Tony (@CryptoTony__) October 4, 2023

Updating his own trading strategy, meanwhile, trader Mark Cullen likewise emphasized $27,000 holding as support.

“Bitcoin getting a reaction from its first attempt into my zone & a tap of the break out trendline,” he stated in accompanying commentary.

“Market conditions in Tradfi aren’t great so pressure’s down. Lets see if BTC can hold this area for a while longer, until other markets stabilize. Holding 27k is key for $BTC!”BTC/USD annotated chart. Source: Mark Cullen/X

Bitcoin bides its time as dollar sees sharp retrace

As Cullen and others explained, the mood on legacy markets was decidedly less stable than Bitcoin on Oct. 4.

Related: Bitcoin analysts still predict a BTC price crash to $20K

This came thanks to U.S. 30-year bond yields surging to 16-year highs — something which got commentators…



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