Bitcoin price eyes 11% monthly gains as DXY threatens 'major' plunge

Bitcoin (BTC) preserved cardinal $65,000 support connected Sept. 29 arsenic anticipation built into nan each seven days and monthly close.

BTC/USD 1-hour chart. Source: TradingView

BTC value spot teases best-ever September

Data from Cointelegraph Markets Pro and TradingView showed that 1 celebrated trader called “usual vacation value action” characterizing BTC/USD.

Having group caller two-month highs of $66,500 2 days prior, Bitcoin consolidated alongside small much than 24 hours near till nan extremity of September.

“So far, value didn't deviate much than 1% supra aliases beneath nan Friday Close price,” Daan Crypto Trades wrote successful portion of his latest X analysis.

“Would expect immoderate much volatility later successful nan time and of people astatine that long futures unfastened backmost upward tonight.”

BTC/USD monthly returns (screenshot). Source: CoinGlass

Data from monitoring assets CoinGlass confirmed 11% BTC value gains month-to-date astatine nan long of writing, perchance making 2024 nan astir successful period of September connected record.

“If nan monthly candle tin adjacent for illustration this, it's the first engulfing greenish candle we’ve seen successful a annum and arguably, nan astir bullish 1 we've seen successful 2024,” Daan Crypto Trades continued connected nan topic. 

“Now each that matters is if nan bulls tin support nan momentum going and really spot travel done successful Q4.”

BTC/USDT 1-month chart. Source: Daan Crypto Trades/X

Popular trader and expert Rekt Capital added that connected monthly timeframes, “this month’s BTC value action is engulfing nan past 2 month’s-worth of downside.”

Flagging US dollar boosts Bitcoin, crypto bull case

Meanwhile, Bitcoin appeared unfazed by geopolitical uncertainty focused connected nan Middle East, during US dollar spot headed lower.

Related: Bitcoin unit comeback connected nan cards arsenic Coinbase pierces top-400 apps

On Sept. 27, nan US dollar scale (DXY) deed its lowest levels successful complete a year, almost reaching nan psychologically important 100 mark.

“A awesome breakout of nan Dollar Index multi-year support is happening connected nan monthly timeframe,” investor and expert Titan of Crypto commented connected X astatine nan weekend. 

“This is highly significant. As oneself whitethorn know, nan Dollar Index and consequence assets for illustration BTC are inversely correlated. Crypto is fresh to alert soon!”

US dollar scale (DXY) 1-month chart. Source: Titan of Crypto/X

As Cointelegraph reported, past week, Titan of Crypto gave $85,000 arsenic an “intermediate” BTC value target.

This article does not incorporate finance proposal aliases recommendations. Every finance and trading move involves risk, and readers should behaviour their ain investigation astatine that long making a decision.