Share this article
Bitcoin Jumps 2%, Ignoring DXY's Rise to 10-Month High; XRP Eyes Death Cross
The uptick was initially led by spot market buyers, which squeezed out bearish derivative positions, one analyst said.
Updated Sep 27, 2023, 12:06 p.m. Published Sep 27, 2023, 12:06 p.m.
Bitcoin rose during the early U.S. trading hours, ignoring the continued rally in the greenback as spot buyers shook out bearish derivative bets.
The leading cryptocurrency by market value rose 2% to $26,750 even as the U.S. dollar index, which gauges the greenback's value against the major currencies, reached a fresh 10-month high of 106.48. A rise in the dollar index usually has a bearish impact on risk assets, including cryptocurrencies.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Bitcoin's move higher was set in motion by the spot market buyers," pseudonymous crypto trader and analyst Skew (@52kskew on X) told CoinDesk.
"That kicked off market buying and a short squeeze or bears covering their bearish futures bets, which pushed prices further higher," Skew added.
Data tracked by Coinalyze show the early rise from $26,000 was accompanied by an uptick in the spot market cumulative volume delta (CVD), a sign of net capital inflows or net buying in the spot market. Later, the CVD in the stablecoin-margined and coin-margined futures contracts led the market higher.
ETH, XRP and other major cryptocurrencies tracked bitcoin higher, with XRP gaining 1% despite the impending death cross.
The ominous-sounding technical analysis pattern occurs when the 50-day simple moving average of prices dips below the 200-day SMA, signaling a long-term bearish shift in momentum.
XRP's impending death cross is consistent with similar patterns in recent weeks in bitcoin and ether. These SMA-based patterns are lagging indicators and often trap sellers on the wrong side of the market. For instance, bitcoin's downward momentum ran out of steam below $25,000 after seeing a death cross on Sept. 11.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up
Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale.
What to know:
- Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS.
- PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding.
- BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities.
Top Stories
