• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt
Nexo

Bitcoin Set to Break $10,000 as Dollar Dips to Three-Month Lows

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0
  • Bitcoin experienced a brief bull run above $10,000 on Wednesday.
  • The cryptocurrency dipped back below $10,000 due to $14 million worth of shorts liquidations on BitMEX.
  • Nevertheless, BTC/USD retained its upside target towards $10,000 as the Federal Reserve’s commitment to keeping interest rates near zero until 2022 drove the U.S. dollar to its three-month lows.

Bitcoin visited its medium-term resistance level near $10,000 briefly on Wednesday only to crash later by circa $300.

The immediate correction appeared after BitMEX, a controversial crypto derivative platform, reported short liquidation worth nearly $14 million. The downside move indicated that a lot of bearish traders didn’t expect bitcoin to breach the $10,000 level. That led them to close their short positions forcibly.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt
Bitcoin sees sharp rise and fall, as $15 million gets liquidated at BitMEX | Source: CryptoWatch

The cryptocurrency immediately fell to $9,690 fifteen minutes after the short liquidation. It recovered back above $9,900 in the early Thursday session.

What Caused the Bitcoin Price Rally?

Bitcoin’s move above $10,000 came after the Federal Reserve’s commitment to maintain interest rates near zero until 20202 and to continue buying Treasury and mortgage-backed securities.

“We’re not thinking about raising rates — we’re not even thinking about thinking about raising rates,” said Fed Chairman Jerome Powell in a press brief on Wednesday.

Spot traders perceived the central bank’s expansionary policy as their cue to buy Bitcoin. The sentiment also drew inspirations from the S&P 500, which rose briefly but later turned choppier. The U.S. benchmark and Bitcoin have lately developed an erratic positive correlation.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt
BTCUSD and S&P 500 reacted similarly to the Fed’s announcement | Source: TradingView.com

Bitcoin’s rally also surfaced as the U.S. dollar sank to its three-month lows against a basket of foreign currencies. Investors offloaded their cash-positions for risky alternatives, which may have ended up benefitting the top cryptocurrency. Traders see a falling dollar as a sign of strengthening bitcoin.

“I hope [the prediction of a crash in the U.S. dollar] is wrong,” noted Mike Belshe, the CEO of BitGo. “But if you think it might be right, you should allocate 2% of your net worth into Bitcoin now.”

Retesting $10K

Prominent market analyst Mohit Sorout stressed that bitcoin’s correction below $9,700 didn’t mature because there is still a huge buying interest for the cryptocurrency.

The trader highlighted that traders are not crashing Bitcoin below its June’s opening rate near $9,445. He further recalled a similar pullback behavior near the May’s monthly open at $8,622. The buying sentiment near both the levels looked stronger than usual.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt
Evidence of buyers interest near June’s monthly open | Source: Mohit Sorout

“This level got front run on recent dumps,” said Mr. Sorout. “Sellers just don’t have what it takes to push price down. Longed.”

Bitcoin was trading at $9,884 at the time of this publication.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Bitcoin

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

7 hours ago
Crypto

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

12 hours ago
Crypto

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

15 hours ago
Bitcoin

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

1 day ago
Cyprus

Cyprus Drafts Regulatory Framework For Cryptocurrencies

1 day ago
Central Bankers, El Salvador flag

It Was Not A Bitcoin Event. Then, Why Were The Central Bankers In El Salvador?

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.