BTC started today’s sessions with a decline below $10,200 against the US Dollar. The asset broke the $10,250 and $10,200 support levels to move further into a bearish zone.
However, the bulls gained momentum, pushing the BTCUSD pair higher above the $10,450 level of support. Bitcoin has now successfully toppled the $10.5K resistance to trade at highs of $10,660 during the time of this publication.
BTCUSD chart by Tradingview
BTC is Up 2% Despite U.S. Dollar Bounce
BTC has now gained 2% in the past 24 hours, despite the US dollar moving higher. The Dollar Index (DXY) has undergone a 1-2% bounce in the past few days, which resulted in tumbling S&P 500 stocks.
However, the king coin’s price action has surprised one analyst who pointed to a disconnection between the DXY and Bitcoin market. Trader Damskotrades noted on Twitter:
“The $DXY is showing strength & $BTC isn’t dumping? Did we see this before? Yes, before the rally towards 20K in 2017. Same dollar value, same price action from both & same behaviour from both. Good example of the correlation not always playing out.”
The analyst noted that the fact that BTC didn’t immediately dump despite the dollar’s recent show of strength is bullish for the world’s leading crypto.
Based on this occurrence, he projected that the BTC price could be on the verge of a strong move higher.
LINK Price Sees a 12% Uptick
Chainlink, (LINK), the eighth largest crypto as per data from CoinMarketCap, has seen some grim price action in the recent past.
A mass exodus of capital away from the altcoin led to intense selling pressure that saw the LINK price drop sharply.
The DeFi token has rallied by over 12% after forming a low at $7.31 to trade at $9.31 during press time.
LINKUSD Chart by TradingView
That uptick makes LINK one of the few high-cap cryptocurrencies currently trading in the green.