Stronger dollar prospects risk pushing down Bitcoin price to $32K
The U.S. dollar index could rally further in the coming weeks, which is typically bad news for Bitcoin. The U.S. dollar's ability to continue its rally in Q2 could prove fatal for Bitcoin (BTC), which has demonstrated an inverse correlation with the dollar since January 2022.BTC/USD daily price chart featuring correlation with DXY. Source: TradingViewDollar paints "bull flag"The U.S. dollar index (DXY), which measures the greenback's strength against a basket of foreign currencies, reached its 21-month trading high of 99.82 on April 7, the highest level since May 2020. The index now looks....
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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.
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.
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....
Data on Friday showed core personal consumption expenditure in the US surged to 3.42% year-over-year for the first time since 1991. Bitcoin (BTC) and the U.S. dollar fell in tandem while the S&P 500 refreshed its record high at open on Friday as the Federal Reserve's preferred inflation indicator surged to its highest levels in almost three decades.According to data shared by the US Bureau of Economic Analysis, the US Core Personal Consumption Expenditure (PCI) rose 0.5% in May, coming in below the estimation of 0.6%.Nevertheless, the expenditure rose 3.4% year-over-year, the highest level....
Bitcoin price action is awkward due to hesitancy and frequent profit taking. Yet, price has continued pushing higher all day and we look at the prospects going into tomorrow's Fed Rate announcement. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 14h30 UTC. BTCC 1-Hour Chart. From the analysis pages of xbt.social, earlier today: The bitcoin price chart looks to be pushing higher despite tomorrow being a day best spent out of the market.....