Bitcoin price eyes 11% monthly gains as DXY threatens ‘major’ plunge
2024.09.29 11:42
Bitcoin (BTC) preserved key $65,000 support on Sept. 29 as anticipation built into the weekly and monthly close.
BTC/USD 1-hour chart. Source: TradingView
BTC price strength teases best-ever September
Data from Cointelegraph Markets Pro and TradingView showed what one popular trader called “usual weekend price action” characterizing BTC/USD.
Having set new two-month highs of $66,500 two days prior, Bitcoin consolidated with little more than 24 hours left until the end of September.
“So far, price didn’t deviate more than 1% above or below the Friday Close price,” Daan Crypto Trades wrote in part of his latest X analysis.
“Would expect some more volatility later in the day and of course when futures open back up tonight.”
BTC/USD monthly returns (screenshot). Source: CoinGlass
Data from monitoring resource CoinGlass confirmed 11% BTC price gains month-to-date at the time of writing, potentially making 2024 the most successful month of September on record.
“If the monthly candle can close like this, it’s the first engulfing green candle we’ve seen in a year and arguably, the most bullish one we’ve seen in 2024,” Daan Crypto Trades continued on the topic.
“Now all that matters is whether the bulls can keep the momentum going and actually see follow through in Q4.”
BTC/USDT 1-month chart. Source: Daan Crypto Trades/X
Popular trader and analyst Rekt Capital added that on monthly timeframes, “this month’s BTC price action is engulfing the past two month’s-worth of downside.”
Flagging US dollar boosts Bitcoin, crypto bull case
Meanwhile, Bitcoin appeared unfazed by geopolitical uncertainty focused on the Middle East, while US dollar strength headed lower.
Related: Bitcoin retail comeback on the cards as Coinbase pierces top-400 apps
On Sept. 27, the US dollar index (DXY) hit its lowest levels in over a year, almost reaching the psychologically significant 100 mark.
“A major breakout of the Dollar Index multi-year support is happening on the monthly timeframe,” investor and analyst Titan of Crypto commented on X at the weekend.
“This is highly significant. As you may know, the Dollar Index and risk assets like BTC are inversely correlated. Crypto is ready to fly soon!”
US dollar index (DXY) 1-month chart. Source: Titan of Crypto/X
As Cointelegraph reported, last week, Titan of Crypto gave $85,000 as an “intermediate” BTC price target.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
