After sustaining above $19,200 since the early trading hours, the Bitcoin price dropped by a significant margin and is expected to test the lower support. However, some external factors are set to impact the BTC price positively, which may drive the price beyond $20,000 very soon. However, the star crypto has been failing constantly to sustain above these levels, and hence a similar action may be expected hereafter.
Ever since the crypto markets, specifically Bitcoin, began to react to external factors, the volatility rate has dropped notably. The asset has been trying for nearly a month to rise and sustain above $20,500 but has failed each time. However, the next couple of hours may turn the tables for the asset as the DXY Index is expected to drop hard.
Update on #Bitcoin.
It’s holding the level at $19.3K and showing continuation.
If GDP is going to be worse today, probably volatility will kick in and $DXY goes down, resulting into $BTC running to $20K.
Seems likely if we sustain $19.3K. pic.twitter.com/MRoCJooZ2I
— Michaël van de Poppe (@CryptoMichNL) September 29, 2022
The DXY Index is presently trading at 20-year high levels and hence is considered the main reason for the depleted volatility of the crypto space. With the release of the fresh GDP, the BTC prices are expected to rise as DXY Index is speculated to plunge. However, the price may soon face rejection as the bulls still remain off-shore.
Collectively, the BTC price has been constantly attempting to rise higher ever since it rebounded from the lower support area. Therefore, a notable upswing may be fast approaching as external factors may fuel the rally ahead. Despite all the attempts to up the rally, whether Bitcoin bulls hold the price above $20,000 or again get trapped may be an interesting watch ahead.