Bitcoin price cracks $21K as trader says BTC buy now ‘very compelling’

Bitcoin price cracks $21K as trader says BTC buy now 'very compelling'

Optimism increases over a macro Bitcoin bottom as daily gains top 9% for BTC/USD on the Wall Street open.

Bitcoin price cracks $21K as trader says BTC buy now 'very compelling'

Bitcoin (BTC) circled $21,000 at the Sep. 9 Wall Street open as newly-won gains endured. Meanwhile, the total cryptocurrency market capitalization has crossed back above the $1 billion mark. 

Bitcoin price cracks $21K as trader says BTC buy now 'very compelling'

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

BTC price gives “confirmation” of trend change

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as its “short squeeze” punished late bears.

After a brief consolidation, the pair set new multi-week highs of $21,254 on Bitstamp, and now faced resistance in the form of an old support level abandoned in late August.

For market commentators, however, the latest move had already proved decisive — and should favor bulls beyond short timeframes.

“This impulse up is THE confirmation,” popular Twitter trader and angel investor Revolt argued in a thread, reiterating suspicion that a market reversal was long overdue.

Analyst: Time to be risk-on “for a while at least”

In the face of a consolidating U.S. dollar, meanwhile, Wall Street opened with fresh gains in a further boost for risk assets.

The S&P 500 and Nasdaq Composite Index added 0.9% and 1.3%, respectively, within the first hour’s trading.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

At the same time, the U.S. dollar index (DXY) enjoyed a modest bounce from local lows, targeting 109 at the time of writing.

For Bitcoin analysts, however, there was reason to believe that the greenback’s halcyon days would soon be over.

“Looks like a USD weekly cycle top (finally) and cycle lows for stocks, gold, bitcoin. Risk on for a little while, at least,” trader, entrepreneur and investor Bob Loukas added.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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