Analyst Names ‘Must Hold’ Level for Bitcoin (BTC) Bulls as Crypto Market Drops

A widely followed crypto analyst is highlighting the price level that Bitcoin (BTC) bulls are likely to hold as crypto markets bounce.

With BTC trading for $23,984 at the time of writing, analyst Justin Bennett it says his 111,400 Twitter followers that Bitcoin bulls should contain $23,000.

“If BTC is going to bounce, it has to do it soon.

$23,000 is a must-have level for bulls.”

Source: Justin Bennett/Twitter

The trader also details the US Dollar Index (DXY), a measure of the strength of the US dollar against a basket of assets, in this case digital assets. Generally speaking, stronger DXY means weaker assets and vice versa. According to Bennett, DXY is currently testing a new and higher level.

“There is still a lot of indecision out there, but DXY

I just tested the resistance of 105.

That’s the weekly pivot I mentioned yesterday, and there’s a daily pivot at 105.60.

We will see.”

Source: Justin Bennett/Twitter

Looking at the traditional S&P 500 (SPX) stock index, Bennett it says it’s no surprise that DXY is testing a higher level as the SPX approaches a confluence of support.

“It is no surprise that this is occurring as the SPX approaches the confluence of the 3,930 support.

Betting that the next big shift in risk assets depends on this area.”

Source: Justin Bennett/Twitter

Bennett even more explain how the next big move for risky assets depends on SPX on a follow up.

“It’s a simple over/under scenario.

It’s over, and we’re fine. Below the highest timeframes, and we’re not doing well.

Don’t assume you know what’s going to happen here. Blind assumptions are what make people rekt.

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Disclaimer: Opinions expressed in The Daily Hodl are not investment advice. Investors should do due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.

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