The flagship crypto tried to break through the resistance level of $ 48.5,000 again, but the rising dollar dampened investor sentiment.
Investors bracing for another step towards Federal Reserve pullout this week pushed safe haven currencies to a month-long high in London on Monday, as looming massive sell-offs of riskier assets added additional nerves to a cautious mood.
Traders will be watching to see if the Fed finds the US economy strong enough to start cutting the massive amounts of monetary support it provided during the pandemic, although an announcement is likely to be delayed until the November or December meetings. .
In addition to climbing 0.1% to 93.356, the dollar index hit its highest level since August 23.
At $ 2.02 trillion, the crypto market’s valuation is currently 5.63% lower than the previous day’s value. Bitcoin is currently trading at $ 45,000
It was clear that Bitcoin had fallen below the $ 48,000 level and the 100-hour simple moving average. As the hourly chart shows, the price did not hit an uptrend line near $ 48,000.
Before the price dropped below $ 46,000, the price peaked near $ 48,323.
Bybt data shows 137,569 traders have been liquidated as of writing. A liquidation order worth $ 7.17 million has been issued on Bybit-BTC.
Right now, the $ 45,000 support is protected by the bulls. There is now a consolidation of losses near a low that has formed near this level.
Under a downside breakout below the $ 46,200 level, the $ 45,000 level or even $ 43,800 could be reached
Despite the decentralized nature of crypto, it’s important to note that its volatility is not isolated. The price of a crypto market is determined by this factor. Fluctuations in Bitcoin affect the prices of most crypto.