According to data from CryptoCompare, at 12:00 UTC, Bitcoin broke through the $17,000 resistance level for the first time since 7 January 2018 seemingly thanks to a weaker U.S. dollar index (DXY) and market sentiment at “extreme greed” levels.

One hour later, the Bitcoin price reached $17,086. Since then, it has slightly retraced to $16,960, which means that it is up 3.87% in the past 24-hour period.

Source: CryptoCompare

As for the U.S. dollar index (DXY), which is a measure of the strength of the U.S. dollar against a basket of six foreign currencies, it has been more or less been steadily getting weaker during the current COVID-19 pandemic. On March 20, it was 102.82; currently (as of 13:14 UTC on November 17), it is trading at 92.34, down 0.33% today.

Read Also:   Bittrex Takes Out XRP Markets from Its Platforms Following SEC Suit

The other thing to bear in mind is that Bitcoin is currently inversely correlated to the U.S. dollar:

As for investor sentiment in the crypto community, the Crypto Fear & Greed Index, which is based on an analysis of “emotions and sentiments from different sources”, is currently telling us that we are in “Extreme Greed” category:

Read Also:   ETH/USD Explodes Above the $900 Level; Price May Continue Higher

Crypto Fear & Greed Index on November 17, 2020

Here are what some of the most prominent crypto analysts and traders are saying about Bitcoin’s latest price action:

Featured Image by “GregMontani” via

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Read Also:   Bitcoin Price Fights For Balance as Number of BTC Holders With 0.1 Coins Reaches New ATH

Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link

Bitcoin Breaks $17,000 Thanks to Weaker Dollar and 'Extreme Greed' Market Sentiment

by John R. Potter
Choose A Format
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
Upload your own images to make custom memes
Youtube, Vimeo or Vine Embeds
Soundcloud or Mixcloud Embeds
Photo or GIF
GIF format