Bitcoin price is back within the range, displaying a lowered strength as its closest competitor, DXY Index is trading along the resistance. However, a minor relief may be expected in the coming days as the DXY Index may witness a slight pullback. This may uplift the BTC price beyond $20,200 but could end up being yet another risk pump while the bulls could be trapped.
The BTC price ended the previous weekly trade on a bullish note but only after a stiff brawl with the bears. The platform recorded one of the highest weekly volumes ever since the past bull rally in 2017 on Binance. Despite hefty volumes, the price remains unaffected which further indicates the asset is trapped in a bearish trend.
Moreover, the beginning of the weekly trade witnessed a dislocation between spot & depravities.
$BTC – notable dislocation between spot & derivs this AM
Derivs are buying with gusto, spot… not so much. Leaves longs vulnerable to a wash out.
Depends on $ES & wider market tbh…. ES is green, keeping BTC bid. But if she turns around, could be goodnight Irene pic.twitter.com/lFoJ4ygK56
— CRG (@MacroCRG) October 3, 2022
As per the analyst, the market participants have been buying with ‘Gusto’ compared to that of spot markets which may wash out the BTC longs. Moreover, the broader market displays the possibility of flipping from the bearish trend. Presently, ES or the Ers Swap price is in green which may uphold the BTC. If it turns around, may face an acute bearish action soon.
Bitcoin(BTC) price continues to trade along the same levels and may reach a maximum of around $20,500. Meanwhile, some of the memecoins are slowly gaining traction which may pump them hard in the coming days.