Bitcoin Price Crashes To $19,000, But Stays Strong Against Other Assets
September 27 2022 - 02:03PM
NEWSBTC
The Bitcoin price has experience volatility over today’s trading
session as the cryptocurrency rallied to the $20,000 level. Across
social media platforms, some market participants celebrated the
bullish price action, but they went silent as BTC stumbled back
into its range. Related Reading: Bitcoin 90-Day CDD Hits All-Time
Low, What Does It Say About Market? At the time of writing, the
Bitcoin price trades at $18,900 with a 1% and 3% loss over the last
24 hours and 7 days, respectively. The benchmark cryptocurrency has
been moving sideways trading in a range between its current levels
and $19,500. Bitcoin Price Stuck In A Range As Global Currencies
Trend Downwards Despite this sideways price action and a persistent
downside trend across 2022, the Bitcoin price has outperformed
other assets in the legacy financial sector. According to a report
from the New York Times, the cryptocurrency has been trading
“slightly” in the green while major currencies and indexes record
losses. As the Bitcoin price moves back and forth from $20,000, the
Nasdaq 100 records a 10% loss in September. Over the past 30 days,
the British Pound from the United Kingdom (GBP), the Euro from the
European Union (EUR), the Japanese Yen (JPY), and other global
currencies have been traded in the red as BTC moves sideways. In
the past year, these currencies record an 18% to 23% loss against
the U.S. dollar. The GBP is one of the worst performers over the
past few days as the currency approaches parity with its American
counterpart, while the Euro tanked and moved south from its parity
with the USD. In the meantime, the U.S. dollar has moved into
levels last seen over 20 years ago as macroeconomic uncertainty,
and an increase in interest across the world support a risk-off
sentiment across global financial markets. These investors seek
refuge in the world’s reserve currency. On the Bitcoin price
performance compared to global currencies and the U.S. dollar, BTC
bull Michael Saylor wrote: Over the past year currencies have
collapsed against the dollar: CAD -8%, CNY -9%, AUD -11%, ZAR -17%,
KRW -18%, EUR -18%, PLN -21%, GBP -22%, JPY -23%, TRY -52% Over the
past four years the dollar has collapsed -67% against #bitcoin. —
Michael Saylor⚡️ (@saylor) September 26, 2022 Bitcoin
Liquidates Leverage Shorts And Longs Positions As the global
economic conditions that are strengthening the U.S. dollar are
still in play, Bitcoin seems poised to move sideways away from
price discovery. On lower timeframes, a pseudonym trader recorded a
spike in Open Interest (OI) over today’s trading session. As high
leverage players got taken out with today’s sudden move to the
upside and return to the current levels, the Bitcoin price seems
poised to move sideways for the time being. However, as NewsBTC
reported, the market might see further volatility during this
month’s candle close. Related Reading: Do Kwon Statement: A
Possible Trigger For Terra Tokens Price Surge Bitcoin’s short-term
trajectory will continue to be determined by the performance of
legacy financial markets with the Nasdaq 100 and S&P 500
playing a critical role. The latter is hanging by a thread with the
potential for further downside into the daily close. The S&P
500 is still hanging on and trying to turn positive on the day.
Today’s close will be key.$SPY $SPX pic.twitter.com/WIlQme2kim —
Justin Bennett (@JustinBennettFX) September 27, 2022
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