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Source: Сointеlеgrаph

Bitcoin (BTC) topped $20,000 after Wall Street opened on Sept. 27, with U.S. stocks up a few inches.

Hourly candlestick chart BTC/USD (Bitstamp). Source: Trading View

The US dollar has room to grow – trader

Data from Markets Pro and TradingView confirmed that the $20,000 mark was barely left as preliminary support on the day.

BTC/USD hit a local high of $20,344 on Bitstamp overnight, while a recovery in the strength of the US dollar provided some relief for risky assets across the board.

The S&P 500 and Nasdaq Composite rose 0.4% and 0.65%, respectively, after two hours of trading, but subsequently reversed.

At the same time, the US dollar index (DXY) was down 0.15% on the day, falling back below 114 but still close to its highest level since mid-2002.

“The US Open is coming up. Green numbers while yields and $DXY are correcting,” commented Mikael van de Poppe, founder and CEO of trading firm Eight.

“Time for Q4 to be good for crypto.”

Popular Crypto trader Tony, however, warned that the DXY has reached a major top.

“Bad news for the bitcoin pump, the dollar has not yet peaked, so we expect new dollar pumps and $BTC drops,” he decided.

“Keep an eye on both of these if you plan on using BTC.”

US dollar index (DXY) 1-day candlestick chart. Source: Trading View

Binance BTC/USDT Volume Hits All-Time High

In the days leading up to the close of the month, further BTC price volatility was expected while traders demanded that October – traditionally a better month than September for a cryptocurrency return – deliver goods in 2022.

RELATED: An older bitcoin leaves its wallet after 10 years of dormancy

“Following price action over the past decade, September has by far been the worst month for BTC – closing positively only 20% of the time,” noted the popular Crypto Kaleo trading account in a Sept. 26 thread.

“Silver lining – October was one of the best months for BTC – positive 78% of the time with an average gain of 28%.”

A close above $20,000 would be enough for Bitcoin’s first green September since 2016.

BTC/USD monthly yield chart (screenshot). Source: Coinglass

Meanwhile, in a sign that the close of the month could be in store, major exchange Binance recorded the highest daily trading volume for its BTC/USDT pair, with over 439,000 BTC change-over-equivalent.

1-day BTC/USDT (Binance) candlestick chart with volume. Source: Trading View

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

Source: Сointеlеgrаph

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