Bitcoin Price Rallies Surpassing $20k Threshold Mark

• The current BTC/USD high is the highest since September 30.
• Bitcoin (BTC) increased 5% over the previous 24 hours.

As the US dollar hit its lowest level against multiple G7 currencies in two weeks on Tuesday, Bitcoin rose past $20,000. The rising dollar has reduced the value of commodities like crude oil, whose price dropped to a nine-month low last week. Additionally, Ethereum prices surged to a new five-day high.

As global markets surged, raising U.S. index futures and European equities, Bitcoin (BTC) increased 5% over the previous 24 hours, surpassing the crucial psychological threshold. Investors have been watching to see whether central banks would have to halt the rate of monetary tightening, so this development is timely. All eyes are now on the upcoming Fed meeting and the interest rate decision.

Bulls in Driving Seat

The current BTC/USD high is the highest since September 30 and is just slightly below a peak of $20,200. As BTC approached the aforementioned resistance area, earlier bulls began to exit the market. Once the relative strength index (RSI) ceiling at 49.00 was broken, the overall uptrend could begin.

BTC has dropped from its previous peak as the index has moved to 52.22, just below a resistance level of 53.00. Tokens supporting decentralized finance (DeFi) projects also saw gains on Tuesday, with Chainlink’s LINK increasing by 7.5% and Lido DAO’s LDO token increasing by 9.6%.

The Quant Network token increased by 8%, the Polygon token by 7%, and the Cosmos token increased by 7.4%. According to CMC, the Bitcoin price today is $19,943.14 USD with a 24-hour trading volume of $34,037,238,038 USD. Bitcoin is up 2.52% in the last 24 hours.

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