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Bitcoin’s Price Most Likely To Surge Above $22,400

Bitcoin price has gained nearly 5% in the past 24 hours, successfully breaking through the $20k milestone. The low and high for the day are $19,152 and $20,071, respectively.

04-Oct-2022 By: Shikha Jha
Bitcoin’s Price Most

After struggling for weeks to break through the psychological level of $20,000, the Bitcoin price has increased by 5% in the last 24 hours. 

Experts anticipate that the Bitcoin price will rise above the $22,400 level because this time it is different. 

Some of the factors supporting Bitcoin's rise include whale accumulation, low trading activity in traditional markets, a decrease in BTC supply on exchanges, and a decrease in the US dollar index.

Bitcoin Price Awaits Bullish Momentum

Bitcoin price has gained nearly 5% in the last 24 hours, successfully breaking through the $20,000 milestone. The low and high for the day are $19,152 and $20,071, respectively.

The US dollar index has risen to a 20-year high of 114.78, which has been driving BTC price swings in recent weeks. However, the DXY index fell below 111 today, sparking a brief bounce in the crypto and stock markets. Indeed, the Credit Suisse problem has caused investors to seek refuge in Bitcoin.

The price of Bitcoin is correlated with the price of American stocks. Furthermore, the price activity of BTC and the trading volume of the stock market show a clear correlation. The bullish and bearish possibilities for Bitcoin are determined by the US Stock Market Volume Depth oscillator.

The BTC price rebounds from low levels whenever the Market Volume Depth oscillator falls below zero. With TradFi market activity returning to low levels, the BTC price might rebound to the $21,500-$24,500 range.

An on-chain analytics platform reveals a steady decline in Bitcoin supply on exchanges. For the first time since 2018, the Bitcoin supply on exchanges has fallen to a four-year low, with only 9% of BTC on exchanges. It reflects traders' confidence in an increase in the price of Bitcoin, lowering the chance of a market-wide selloff.

Furthermore, Whale Alert data shows that Bitcoin (BTC) accumulation has increased since the beginning of the month. Over 30,000 BTC has been moved from cryptocurrency exchanges to whale wallets in the last three days.

Crypto Analysts’ Outlook Over BTC Price

According to expert Michael van de Poppe, Bitcoin's price will continue to rise towards $22,400 if it maintains its critical support level of $19,600. Furthermore, $19,300 is a great place to purchase BTC for longs.

Popular analyst PlanB believes Bitcoin miners have already indicated a bull run by increasing hashrate after weeks of decline.

Read also: Ripple CEO Highlights Twitter BOTs Issue; Will This Aid Elon Musk?

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