Bitcoin price eyes $24K retest as US dollar dives into monthly close

Mar 17, 2023 | wjb news

When new homes opened on Wall Street on February 27th, Bitcoin was close to $24000, with a strong week's closing price translating into a further increase.

Bitcoin is up $1000 from its Sunday low.

Cointelegraph Markets Pro and TradingView statistics show that the BTC/ dollar is consistent with the U. S. stock index futures rebound.

Last week, the foreign exchange currency fell to a low of $22770 on Bitstamp, but as the weekly closing price rose by $23500, that low proved to be temporary.

With the stock market rising again in the new week, there are hopes that Bitcoin is likely to rise again, ending at its peak in February.

Priscilla van der Popper, a Cointelegraph soft writer and founder and CEO of online trading platform Eight, updated an article on Twitter that day, writing: "rejecting the importance of $23.8k will mean that we are about to face another approval test."

"if that frenzied sweep occurs and everyone withdraws, the 25K dollar test is inevitable and the double head will be opened."

Crypto Tony, a popular trader, has a similar view, and he still feels improperly on the more conservative side when it comes to the trend of overall growth.

She told its Twitter followers: "if we get back $23750 and stay at the top, I will go long-otherwise, if we damage $22900 and stay low, I will look bearish."

The buying and selling module Decentrader also makes up lies, and the signal must be stronger before long BTC.

"people have been looking forward to the fall of Bitcoin, and now the proportion of bears is falling and prices are gradually picking up," it commented.

"1.8% of the positioning points are still very high, and we look forward to seeing more positions forced to close before the rebound really begins."

The dollar reversed its previous strength.

Us stocks once again occupied the previous week's lost ground, with the S & P 500 and NASDAQ up 1 per cent and 1.2 per cent respectively.

In addition, the U. S. stock index (DXY) fell, falling below 105, boosting risky assets across the board.

Justin Bennett, a popular trader, wrote in his latest professional upgrade to the index: "so far, there has been a hidden misstatement of personal behavior on such a rising contract."

"things are going to get more and more interesting."

In addition, CryptoCon, a popular investment analyst, describes the dynamic change in the intermediate correlation between DXY and BTC.