Volatility is absent a day before the monthly close
Data from Cointelegraph Markets Pro and TradingView charted a quiet phase overnight for the largest cryptocurrency, which reached intraday highs above $19,600 the previous day.
This 6% gain was a welcome relief after heavy losses earlier in the week, but there was no clear direction, and market participants remain unsure of how Bitcoin will handle the September close.
“A case for domestic support can certainly be built in that range, at least until the monthly and quarterly closes on Friday, unless, of course, we get the mother of all rug pulls,” the material indicators are summarized in the on-chain analytics resource.
Material indicators pointed to order book data that suggested $18,000 could provide range support in the event of new market weakness.
More broadly, however, popular trading account Doctor Profit argued that range-bound behavior remains the trend in BTC/USD, and that’s in place for months.
“Interestingly, $BTC usually moves 30-50 days in a sideways movement before falling leg. For the first time in two years, BTC has decided to move more than 108 days in a sideways movement.”
“This is what the accumulation cycle looks like.”
Annotated chart of BTC price action. Source: Doctor Profit / Twitter
The dollar rebounded after a short bounce
Macro triggers remained on the radar in crypto circles the day after the Bank of England enacted a major policy shift, reinstating quantitative easing (QE) by buying long-term government bonds — a $65 billion move.
Related: Bitcoin ‘Cool Detox’ Could Drop BTC Price Down to $12,000: Research
Very familiar to those who remember the birth of Bitcoin, intervention was seen by many as a point of no return in the current inflationary environment.
For veteran investor Stanley Druckenmiller, while it was not a good time to own risky assets like cryptocurrencies, writing was on hold.
He told CNBC host Joe Kernan in an interview on September 28, “I don’t own Bitcoin…
“But yeah, I still think — if it was the Bank of England, then what they did was followed by things like that by other central banks in the next two or three years, if things really got worse… I could see cryptocurrency having a huge role in the era of cryptocurrency.” Renaissance because people will not trust central banks.”
His words caught the attention of Arthur Hayes, the former CEO of derivatives giant BitMEX, who earlier this year predicted a “pain of agony” taking over the world’s major fiat currencies.
This month he claimed that the Euro has already started a doomsday cycle.
Elsewhere in the day, the US Dollar Index (DXY) was regaining its recent losses after hitting two-decade highs.
US Dollar Index (DXY) candlestick chart. Source: TradingView
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