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This is the last major hurdle before Bitcoin price can target $20,000


Bitcoin (BTC) value has been exhibiting spectacular power within the earlier weeks and immediately the worth made a brand new 2020 excessive at $13,666.

This momentum was made alongside weak spot within the U.S. greenback and plenty of analysts imagine that so long as the greenback stays weak, Bitcoin and different safe-haven property will do nicely.

Nonetheless, as Bitcoin reveals power, altcoins are failing to observe swimsuit and most altcoins are promoting off towards BTC. Bitcoin’s dominance price has been rising within the earlier weeks and this reveals that the market’s momentum is predicated round Bitcoin.

Merchants count on resistance between $13,500-$14,000

BTC/USD 1-week chart. Supply: TradingView

The weekly chart reveals a transparent resistance zone between $13,500-$14,250 as the subsequent huge hurdle for the markets.

The worth of Bitcoin broke by means of the $11,600-$12,000 barrier because the essential barrier for additional upward motion. This breakthrough prompted the worth to proceed rallying towards the subsequent hurdle, which is between $13,500-$14,250.

It’s not prone to anticipate an obvious breakthrough in one-go because it’s the primary take a look at of this resistance zone, however the total weak spot of the greenback is signaling that the worth of Bitcoin may solely run larger.

U.S. greenback weak spot is propelling the Bitcoin rally

U.S. Greenback Foreign money Index 1-day chart. Supply: TradingView

The U.S. Greenback Foreign money Index (DXY) is currenlty exhibiting important weak spot after the final take a look at of the 94.6 factors stage was immediately rejected.

This rejection prompted DXY to drop down additional. Extra importantly, because the rejection occurred on Sept. 24, Bitcoin’s value began to rally.

This rally elevated the worth of Bitcoin by $3,000 because it rallied from $10,500 to $13,500. The correlation between DXY and Bitcoin has elevated because the March crash and that is an inverse correlation.

If the greenback holds the 92.50 space for assist, there’s a possible probability of a reversal on the worth of Bitcoin as nicely. This may imply a correction within the crypto markets, which isn’t bearish in any respect.