Bitcoin, the world’s largest cryptocurrency is trading under huge selling pressure. However, this recent decline in the BTC price is suggested due to the increased correlation between the digital assets market and traditional markets.
Bitcoin price has dropped by around 4% over the past 30 days due to mixed sentiments among investors and traders. Despite the recent drop, BTC has managed to outperform significant traditional market assets.
Can Bitcoin price break resistance?
Coingape reported that the Bitcoin price went up by 0.8% in September in comparison to the USD. It added that BTC price has outperformed Gold and U.S indexes, too. However, the dollar strength index (DXY) is the only index that performed better than Bitcoin in the same period.
According to reports, the traditional finance (TradFi) Volume Depth has registered shallow marks. This key signal suggests that the crypto market can see a short term respite. Data depicts a direct relationship between Bitcoin price actions and US Stock Market.
The correlation between the Bitcoin price and US stock market volume is close to triggering the bearish turbulence. However, the current technical hints that the volume Depth oscillator reached a new low around September 25, 2022.
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This recorded data matches the low values of February and March 2020. Experts suggest that this is a straight indicator signaling a relief rally for the world’s biggest crypto. Bitcoin price may jump to $21,500-$24,500 area ahead.
Liquidation crosses $92 million
Currently, Bitcoin is trading at an average price of $19,207.62. Bitcoin price have registered a marginal drop over the past 24 hours. However, its 24 hour trading has jumped by 40% to stand at $24.7 billion.
However, the global crypto market cap has dropped by around 1.5% over the last day. It now stands at around $927.8 billion. Over the past 24 hours, over $92.1 million have been liquidated from the market. Bitcoin registered a liquidation of $17 million in the same period.
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