 ▲ Source: Alternative © Coin Leaders |
Cryptocurrency leader Bitcoin (BTC) rose slightly over the past 24 hours despite the strong dollar.
The Dollar Index (DXY), which represents the value of the U.S. dollar against the currencies of six major countries, exceeded 106 on the 25th, hitting its highest since November 30 of last year. DXY usually tends to move in the opposite direction to Bitcoin.
According to data from CoinMarketCap, a global cryptocurrency market relay site, Bitcoin is trading at $26,393 as of 3:36 p.m. on September 28, Korean time, up 0.57% from 24 hours ago.
At the same time, Ethereum (ETH), the second-largest coin by market cap, is trading at $1,610, up 1.21%. The total cryptocurrency market capitalization increased by 0.66% and is currently at approximately $1.05 trillion. Bitcoin’s dominance (proportion of market capitalization) is around 48.9%.
Bitcoin investment sentiment has improved somewhat compared to the previous day.
On this day, Cryptocurrency data provider Alternative's self-estimated 'Fear and Greed Index' recorded 46, up 2 points from the previous day, and investment sentiment improved, but the 'fear' stage continued.
The closer the index is to 0, the more extreme market fear it is, and the closer it is to 100, the more extreme optimism it is.
On this day, Cointelegraph, a cryptocurrency media outlet, said, “Bitcoin maintained above $26,000 even as the S&P 500 index fell to a three-month low and the U.S. dollar index (DXY) set a new all-time high. This indicates aggressive selling at a low level. “It is a somewhat positive sign because it shows that there is a shortage.”
Additionally, CryptoCon, a Bitcoin technology analyst, said through “Some people think that, but if you look back at past movements, the occurrence of a dead cross is actually completely meaningless to the subsequent price movement,” he diagnosed.
He said, "If you look at the past charts, the aforementioned dead cross occurred a total of 10 times. However, 6 of them occurred during or before the bear market downward trend, so we will not discuss them. Including this dead cross, a total of 4 remain, 2 of which are "There was a strong rebound immediately after the decline. We must not forget the 'first-ever' main peak deadcross early this year, which everyone paid attention to but nothing happened," he explained.
Meanwhile, Unchained cited Glassnode data: “70% of Bitcoin has not moved over the past year. Historically speaking, Bitcoin bear markets are when public interest disappears and only (strong-conviction) strong holders remain.” “It ends when it begins to slowly rise from . Bitcoin is up 73% from its lowest point in 2022,” he said.
