2022-9-2 13:04 |
A matter of a few hundred dollars could separate BTC price action from a “short squeeze,” one trader believes.
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Bitcoin is still down 60% from its November 2021 all-time high, so many traders wonder if the BTC price could crash further in the coming months.
In a crucial development for the financial markets, the US Dollar Index (DXY) has surged to its highest level since March, marking a pivotal moment for Bitcoin and the broader crypto sector. The DXY, which gauges the Greenback’s performance against a basket of six major currencies, has extended its gains above the 104.
The largest cryptocurrency by market cap, Bitcoin (BTC), dropped after a prolonged period of consolidation around the $29,000 mark. The failure to sustain this level has resulted in a decline to $26,000.
In a recent newsletter by renowned analyst CryptoCon, a groundbreaking indicator known as the “Bitcoin DXY correlation coefficient” has captured the attention of the community. This indicator, which measures the correlation between Bitcoin and the U.
Bitcoin is flirting with $32,000 per coin, XRP just posted a 100% intraday rally, and suddenly cryptocurrency prices are green again. The sudden change is all part of a possible perfect storm brewing — one that leads to a dramatic recovery and new all-time highs sooner than most would expect.
Bitcoin has the chance to set off on a “parabolic curve” as the U.S. Dollar Index threatens to dive below 100, a popular trader says.
Bitcoin price is poised to reach $31,000 in April amid a lower vacancy turnout in the U.S., which risks crashing the dollar strength index to a yearly low.