Bitcoin (BTC) traders anticipated fresh volatility on September 29 when BTC/USD fell to $19,000.

Hourly candlestick chart BTC/USD (bitstamp). Source: Trade Review
Do not turn the day before the end of the month
Data from Cointelegraph Markets Pro and TradingView point to a quiet phase overnight for the largest cryptocurrency, which reached intraday highs above $19,600 the previous day.

The 6% gain was welcome relief from heavy losses earlier in the week, but with no clear direction, market participants were unsure how Bitcoin would handle the September close.

“Of course, in this area, internal support can be justified, at least until the end of the month and the quarter on Friday, unless of course we get the mother of all blankets,” summarized the analytical resource material on Nettverk.

Key Indicators cited order book data showing that $18,000 could provide range support if market weakness resumes.

Overall, however, popular trading account Doctor Profit claims that range-limiting behavior is still trending against BTC/USD and has been for several months now.

“Interestingly, the BTC dollar usually moves sideways for 30 to 50 days before it starts to decline. For the first time in two years, BTC decided to move sideways for more than 108 days,” he wrote on the same day:

“This is what the cycle of accumulation looks like.”

Annotated BTC price action chart. Source: Doctor Profit/Twitter.
The dollar is rising again after a short rise
Macro triggers remained on the radar of crypto circles a day after the Bank of England adopted a major policy change, resuming quantitative easing (QE) through purchases of long-term government bonds – a move said to have cost $65 billion.

Related: Bitcoin ‘Great Detox’ Could Drop BTC Price to $12,000: Study

The intervention, vaguely familiar to those who remember Bitcoin’s birth, was seen by many as a point of no return in the current inflationary environment.

For veteran investor Stanley Druckenmiller, the timing was not right to acquire such a risky asset as cryptocurrencies, but the writing has been put on hold.

He told CNBC host Joe Kernan in a September 28 interview:

“But yes, I still think – if what they did, the Bank of England would follow the same things from other central banks in the next two or three years, if something really goes wrong … I see cryptocurrency playing a big role in renaissance because people don’t want to trust central banks.”
His remarks drew the attention of Arthur Hayes, the former CEO of derivatives giant BitMEX, who earlier this year predicted a “ring of death” sweeping the world’s main fiat currencies.

This month he argued that the euro had already begun to fall.

During the day, the US Dollar Index (DXY) recovered its recent losses, reaching its highest level in two decades.

Source: CoinTelegraph