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Again, Bitcoin fails to break above $20K

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Bitcoin, the leading cryptocurrency failed to rally above $20K in Monday’s trading session amid weak sentiments, and a rallying dollar. 

The lack of interest in risk assets was caused by depressing financial news from markets and among cryptocurrency traders. 

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The prior week, when the US Federal Reserve’s actions caused it to fall to a three-month low at $18.1K, Bitcoin had substantially less volatility. 

Since the Federal Reserve raised interest rates to combat sky-high inflation over the course of the year, cryptocurrency investors’ appetite has undoubtedly decreased.  

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This year, the U.S. Dollar Index, which compares the dollar to a basket of foreign currencies, has increased by almost 17% as investors ignore risky assets for the safe haven currency.  

Additionally, given the present price levels and massive outflows from miner wallets, Bitcoin (BTC) miners continue to be under pressure. 

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Glassnode, an on-chain analytics company, reports that in September, monthly miner revenues reached a high of 8,000 BTC. 

While this has now decreased, adjusted for fluctuations in the price of BTC, miners continue to sell more than they make on a rolling monthly basis. 

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Although miners had lost a total of 3,455 BTC during the previous 30 days as of September 29, the last day for which comprehensive data is available, it still marked a one-month low in exchange transactions, according to Glassnode. 

However, BTC now holds a 39.5% market share, up around 2% in a week. Even 40% was reached early this week. 

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As a result of yesterday’s failure to register significant gains, alternative coins are currently behaving somewhat more calmly than usual. 

Continued post-merge difficulties for Ethereum: Just over two weeks ago, when the switch to PoS was complete, it was trading at $1,600, but in the days that followed, it crashed to $1,200. Since then, it has made some gains, but it is still unable to surpass $1.3K. 

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