Is The Dollar Index Making New 2021 Highs Dangerous For Bitcoin?
The recent nerves in the stock market and macro world has caused the dollar to surges to a new 2021 high, just as Bitcoin continues to set new records. But is the greenback’s awakening a dangerous situation for cryptocurrencies, or is something else afoot? BTC Barely Reacts As DXY Taps New 2021 High Bitcoin price is in price discovery mode, after breaking its former high set earlier in the year. The cryptocurrency is pitched as a replacement for gold, and even the dollar – the current global reserve currency. Cryptocurrencies, commodities, and everything else are priced in dollars....
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Bitcoin price is currently on the ropes, potentially about to lose support at around $56,000. But could the recent weakness in the cryptocurrency market be more a factor of a strong dollar? TD Sequential Triggers Anti-Correlated Signals On BTCUSD, DXY Weeks ago, we posed the question if or not the Dollar Currency Index making new highs in 2021 was a dangerous situation for Bitcoin. After more than $10,000 per coin was wiped off the price of BTC, the answer was a resounding yes. But much like the cryptocurrency uptrend in late 2020 and early 2021 came to an abrupt halt, even the....
In 2022, the U.S. dollar has been very strong, despite the global economy’s downturn and the rising inflation worldwide. 12 days ago, the U.S. Dollar Index (DXY) rallied to a high of 114.8 and since then, the index has pulled pack and a recent analysis from economists at Société Générale notes that the index will likely rally back toward the 114.8 high.
Greenback Index Starts Climbing Again After the Recent Pullback, Société Générale Economists See a ‘Prevalence of Upward Momentum’
The U.S. dollar, otherwise known as....
Bitcoin is trading at over $20,000, but the start of what might be the first real correction since the uptrend first began could be forming. However, looking more closely at the DXY Dollar Currency Index, the leading cryptocurrency by market cap could be in for another extended bear phase if a fractal on the dollar […]
Galaxy Digital CEO Michael Novogratz explains why it is a dangerous time to be in the stock market right now, leading up to the U.S. presidential election. While bearish on the dollar, Novogratz is bullish on bitcoin and gold but thinks that bitcoin has more upside than gold. Dangerous Time to Be in Stock Market, Buy Bitcoin Billionaire investor and Galaxy Digital CEO Michael Novogratz explained his view on the best investments as the November U.S. presidential election approaches in Wednesday’s episode of CNN’s Markets Now show. “I think in the short run we saw the high....
Fresh hurdles to overcome for Bitcoin sentiment come as fundamentals stay solid and $40,000 refuses to go without a fight. Bitcoin (BTC) is at a crossroads as it starts a new week — hovering around $40,000 but with serious headwinds keeping it from bouncing higher.After an impressive weekend that saw highs above $42,500, a comedown saw BTC/USD lose the $40,000 mark.A reversal and consolidation were broadly expected — the pace of gains over the past week has rattled an investor base that until recently was still forecasting a drop to the $20,000 range.Cointelegraph takes a look at five....