Bitcoin (BTC) may have a “comfort” rally close to $ 11,000 as stock markets recover and concerns about the US dollar persist.
In a tweet on September 8, Cointelegraph Markets analyst Michael Van de Pope said that macroeconomic measures could increase BTC / USD.
The BTC price may be the first to fill the upper futures gap
Rebound will follow the test time for Bitcoin, which has repeatedly dipped below the $ 10,000 support since Friday. In line with long-term trends, the largest cryptocurrency may benefit from a change in sentiment in general.
Van de Pope writes: “Futures in the United States are changing dramatically and Europe is flourishing again.”
“This may indicate a slight decline in BTC towards the $ 10,600 to $ 10,800 range.”
Van de Poppe has previously warned that Bitcoin is not in the grave for the declining band, and may fall below the recent lower levels of $ 9,500 – to fill a small gap in the CME Group’s bitcoin futures market.
A trip to $ 10,600 would fill the gap, as became clear this weekend. So far, BTC / USD has not managed to rise above $ 10400.
Not everyone was optimistic in the short term. Veteran trader Peter Brandt highlighted the recent chart movement and called both BTC and Ether (ETH) “stalled”.
Intermediary: Dollar falls into “potential bull trap”
While the progress in bitcoin since April is beginning to disappoint Brandt, the US dollar continues to send bearish signals to market commentators despite the recent gain.
Bitcoin’s 15% drop last week coincided with an increase in the US Dollar Currency Index (DXY). In the future, however, a combination of federal inflation policy and money pressure may undermine his power.
According to currency broker FxPro, the dollar will reach much higher levels against the most important currencies – the euro, the British pound and the Swiss franc – to recover from the long-term collapse.
On Wednesday, he warned that “without the accelerated growth of the dollar and the aforementioned levels, we will remain within the framework of a weak short-retracement model”.
DXY seems to have completed its six-day winning streak in a day hovering around 93.6. FxPro also said that the rally could actually be a “bull trap” – which means that a stronger withdrawal can follow to offset the gain.