Bitcoin (BTC) returned to local highs at the Oct. 25 Wall Street open as nervous analysts kept an eye on miners.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
DXY provides instant relief for BTC
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising to offer a modest challenge to resistance, still unable to escape an established trading range.
United States equities likewise headed modestly higher, with the S&P 500 and Nasdaq Composite Index up 1% and 1.3%, respectively at the time of writing.
The U.S. dollar index (DXY) conversely lost ground on the day, falling to its lowest levels since Oct. 6 and providing potential tailwinds for risk assets to seal opportunistic gains.
U.S. dollar index (DXY) 1-day candle chart. Source: TradingView
For traders, the intraday status quo remained in place amid an ongoing lack of real volatility. Popular Twitter account Crypto Tony highlighted significant range levels, with $18,900 an important zone to hold.
BTC/USD annotated chart. Source: Crypto Tony/Twitter
Fellow trader Crypto Ed, meanwhile, revealed that he was “still waiting” for a correction to that level, followed by a bounce past $19,100.
“It might even go a bit lower, then coming back here, that would be your entry for a long,” he said in a YouTube update.
Previously, commentators had revealed a wait-and-see approach to the market, with estimates of a breakout ranging from two to eight weeks.
Miners under surveillance
Downside risk, meanwhile, firmly focused on miners on the day.
Related: Least volatile ‘Uptober’ ever — 5 things to know in Bitcoin this week
With the hash rate at all-time highs but spot price at its lowest in nearly two years, miners continue to battle the tightest profit squeeze in history. They could soon be forced to offload hoarded coins to cover expenses, some warned.
In a dedicated research piece on the topic, Cauê Oliveira, lead on-chain analyst at BlockTrends, in particular, drew attention to hash price — miners’ revenue per exahash.
“At this moment hashprice, as the indicator is known, reached $66,500…