In the early hours today, the crypto market started the day with a mixed signal where the first two cryptocurrencies, Bitcoin and Ethereum along with a few others are trading in a red zone. Whereas BNB, XRP, Cardano, Solana, and others are on a positive run.
However, currently, the market has turned green as bitcoin is selling at $19,478 after gaining 0.13% over the past 24 hours. King Currency is just a few figures away from the claim of $19,500 and if this happens the next immediate resistance will be in the $20,000 area.
One of the most popular crypto analysts and traders is expecting Bitcoin to have its bullish ride for the next month.
The analyst known as Justin Bennett believes that for Bitcoin to regain its lost bull run, it must maintain its trading zone above $18,700.
The analyst claims that if the flagship currency holds above $18,700, it can maintain the bullish trend at least till next halloween, October 31.
Bearish DXY to propel the crypto market
Next, Bennett talks about the US Dollar Index (DXY) which is used to gauge the strength of the US dollar against any asset such as digital currencies. Whenever DXY is falling it is a good sign for crypto.
As per the strategist, the US Dollar Index (DXY) has dropped from its 10-month level. Hence he asserts for a bullish momentum for both stocks and crypto
Before the analyst aired, Bennett gave his analysis on Total Crypto Market Cap (TOTAL), where he gives a chart and claims it as a significant one. TOTAL is what gives the total strength of the overall crypto market.
He further says that the area between $913 billion and $920 billion is the resistance that needs to be claimed and an everyday rally towards the area will reclaim the bull run for October.
