Investing in Web 3.0: What Bitcoin Traders Need to Know

At the Oct. 4 Wall Street open, Bitcoin (BTC) remained steady at $27,500, as the market continued to be driven by rapidly growing yields in the United States.

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Analysis: $27,000 now “key” for BTC price

Data from Cointelegraph Markets Pro and TradingView indicated a quiet day for BTC price activity while U.S. dollar volatility was prominent.

After its own bout of vigorous trading to commence the week, Bitcoin was again searching for guidance, with market analysts recognizing significant price points.

Prominent trader Skew pointed out market participants selling towards $27,600, giving “importance to this price level reclaim.”

“Get that reclaim & decent pop will come,” he forecasted on X (formerly Twitter) on Oct. 4.

Fellow trader Crypto Tony also highlighted $27,000 as the line in the sand to the downside.

Updating his own trading approach, meanwhile, trader Mark Cullen also stressed $27,000 holding as support.

“Bitcoin getting a reaction from its first attempt into my zone & a tap of the break out trendline,” he stated in accompanying commentary.

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Bitcoin bides its time as dollar sees sharp retrace

As Cullen and others explained, the sentiment on legacy markets was far from stable compared to Bitcoin on Oct. 4.

This was due to U.S. 30-year bond yields spiking to 16-year highs — something which made commentators anxious about a potential crash.

Skew indicated that the worry about how macro forces would manifest themselves was the cause of the lack of substantial BTC trading volume.

“Not much besides dipping toes in the water kind of bid other than that it’s perps mostly buying,” another X post stated earlier.

The U.S. dollar gained strength before the Wall Street open, with the U.S. Dollar Index (DXY) quickly dropping from levels not seen since Q4 last year.

As is usually the case, BTC/USD refused to be affected by sudden DXY movements.

Commenting on the situation, Sven Henrich, founder of NorthmanTrader, showed that the long-term DXY chart performance was following the expected pattern.

“Amid all the chaos & volatility one amazingly consistent clean chart: The US dollar respecting the channel trend lines,” he informed X followers.

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