A widely-regarded crypto analyst is highlighting the price level Bitcoin (BTC) bulls need to hold as crypto markets surge.
With BTC trading at $23,984 at the time of writing, analyst Justin Bennett is telling his 111,400 Twitter followers that Bitcoin bulls need to hold $23,000.
“If BTC is going to bounce, it has to happen soon.
$23,000 is a must for bulls.”
Source: Justin Bennett/Twitter
The trader also breaks down the United States Dollar Index (DXY), a measure of the US Dollar’s strength against a basket of assets, in this case digital assets. In general, a stronger DXY means weaker assets and vice versa. According to Bennett, the DXY is currently testing a new, higher level.
“There’s still a lot of indecision out there, but the DXY
just tested 105 resistor.
This is the weekly pivot I mentioned yesterday and there is a daily pivot at 105.60.
Let’s see.”
Source: Justin Bennett/Twitter
Looking at the traditional S&P 500 (SPX) stock index, Bennett says it’s no surprise that the DXY is testing higher levels as the SPX approaches a confluence of support.
“No wonder this is happening as the SPX nears the confluence of 3,930 support.
Bet the next big move in risky assets will depend on this area.”
Source: Justin Bennett/Twitter
Bennett goes on to explain in a follow-up how the next big move for risk assets depends on the SPX.
“It’s a simple over/under scenario.
Over and we’re good. Taking on the higher time frames and we’re not doing well.
Don’t assume you know what’s going to happen here. Blind assumptions make people rectify.”
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