Image default

Analyst Names ‘Must-Hold’ Level for Bitcoin (BTC) Bulls As Crypto Market Drops – The Daily Hodl


A widely followed crypto analyst is highlighting the price level Bitcoin (BTC) bulls must hold as the crypto markets bounce.

With BTC trading for $23,984 at time of writing, analyst Justin Bennett tells his 111,400 Twitter followers that Bitcoin bulls must hold $23,000.

“If BTC is going to bounce, it has to do it soon.

$23,000 is a must-hold level for bulls.”

Source: Justin Bennett/Twitter

The trader also breaks down the US Dollar Index (DXY), a measure of the strength of the US dollar against a basket of assets, in this case, digital assets. Generally speaking, a stronger DXY means weaker assets and vice versa. According to Bennett, the DXY is currently testing a new, higher level.

“There’s still a lot of indecision out there, but the DXY 

just tested 105 resistance. 

That’s the weekly pivot I mentioned yesterday, and there’s a daily pivot at 105.60. 

Let’s see.”

Source: Justin Bennett/Twitter

Looking at the traditional stock index the S&P 500 (SPX), Bennett says it’s no surprise the DXY is testing a higher level as the SPX approaches a confluence of support.

“No surprise that this is occurring as the SPX approaches the 3,930 confluence of support.

Betting that the next big move from risk assets hinges on this area.”

Source: Justin Bennett/Twitter

Bennett further explains how the next big move for risk assets hinges on the SPX in a follow-up.

“It’s a simple over/under scenario.

Over, and we’re good. Under on the higher time frames, and we’re not good.

Don’t assume you know what will happen here. Blind assumptions are what get people rekt.”

This article originally appeared here.

Here’s How To Stay Up To Date On Crypto With CryptosRUs!

Learn about Bitcoin, Ethereum, and so much more at the CryptosRus Academy.

For the best exchanges, check out our top exchange guide. 

Secure your crypto with Ledger and Trade your way to victory with help from LuxAlgo

Sign up for our bi-weekly newsletter for news and exclusive analysis.

Follow CRU News Desk on Twitter for our latest articles and Twitter exclusive threads.

Stay up to date with George on Tik Tok, Instagram, and his brand new clips channel.

Source link

Related posts

Mixin Network Offers Bug Bounty Reward to Hacker Behind Recent $200 Million Exploit

Melodie Denning

OpenSea Unveils Launchpad for Solana-Based NFT Makers to Host New Mints

Melodie Denning

Is Ripple’s new partnership the boost XRP needs?

Melodie Denning

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy