Daily Bitcoin Price Analysis: Dollar vs. Bitcoin - Who is Stronger?
Our yesterday's forecast came true, partly. Until the time of the release of the CPI, the Bitcoin vs. Dollar exchange rate was moving up to $460, but following the publication, the Dollar started to strengthen its positions on the market and the price of Bitcoin decreased to $441. We expected to see Bitcoin’s pullback to $425 and $410, which luckily for traders did not happen. This suggests that Bitcoin has a strong potential and investors trust in this cryptocurrency. However, the Dollar is the main competitor for the Bitcoin. Today we are waiting for a very important decision from the....
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Throughout the last week Bitcoin’s price was in the corridor of $440 - $460. By the end of the week, it moved to $458. However, on the weekend Bitcoin dipped significantly to $433. The reason for such a change was the strengthening of the Dollar, which this time did affect the Bitcoin price. Last week, we were watching as the Dollar grew because of stronger statistics and interest rate rises. On Monday, December 21, no interesting macroeconomic data publishing is expected, neither in Europe nor in the United States. Today we expect a continuation of the bearish trend and trading at the....
Bitcoin prices edged lower on Wednesday, pressured by a stronger US dollar, as markets awaited the US Federal Reserve's monetary policy outlook and progress around a stimulus deal.
Pursuant to my earlier Bitcoin analysis titled Teetering Bulls, the digital currency continues to slog as US Dollar Index crosses 100, its highest level since 2003. With more gains seen for the Dollar Index in the coming sessions, things may turn extremely difficult for the Bitcoin bulls. Each Bitcoin is currently worth $290. As can be clearly seen from the 240-minute BTC/USD price chart above, the bullish momentum suffered a huge dent as it broke below the long-held, upward-sloping support. However, the bearish plunge lacked sufficient pressure to pierce the Support Line 1, from which the....
As we expected, on Christmas Eve the Bitcoin price got in a narrow corridor of $449 - $455. Today is a holiday and there will be limited trading. Also no news that could affect the price of the Dollar is expected. Therefore, today December 25, we expect that the price of Bitcoin will remain in the corridor of $445 - $465. The resistance level is $465 and the support level is $440. As we can see, the latest positive macroeconomic statistics from the US gave the Dollar a support only for a limited time. Then again, the Dollar came under pressure and decreased against other currencies,....
Bitcoin prices fell for the third consecutive session on Tuesday as a stronger US dollar countered the US Senate's approval of a long-pending coronavirus stimulus package.