Check out today's BTCUSD Forex Signal- forextrade forextrading
Bitcoin rose to $20,200 as the mood in the market improved. This price was about 10% above the lowest level this month.Bitcoin and other risky assets bounced back as US Treasury yields dropped. Yield of the 10-year government bond dropped to 4.10% while the 30-year and 2-year yields fell to 4.26% and 4.47%, respectively.
Bitcoin also rallied as American equities continued rallying. The Dow Jones and Nasdaq 100 indices rose by more than 1% after positive earnings. At the same time, there are signs that investors are getting more comfortable buying the dip. There are other potential catalysts for the BTC/USD pair. First, there are signs that some buyers are accumulating at the current levels. According to Glassnode, small and large holders have changed their behavior from a net balance decline and distribution towards accumulation and balance increase.
Meanwhile, the US dollar index has pulled back recently and is trading at $110. At its peak this year, the index was trading at $115.The BTC/USD price has been in a consolidation phase in the past few days. It managed to move above the key resistance at 19,968, which was the highest level on October 14.
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