Bitcoin Fights Key Trendline Near $20,000 as US Dollar Index Hits New 20-Year High
Nothing can keep the US Dollar Index (DXY) low this year, and concerns over its impact on assets beyond of cryptography are spreading.
Market Update
Bitcoin (BTC) found a new target at just under $20,000 on July 14, as US dollar strength hit a new two-decade high.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD rebounding from lows caused by a new 40-year high for US inflation according to the Consumer Price Index (CPI). ).
After briefly dipping below $19,000, the pair soared above $20,000 before immediately consolidating below this psychologically significant level.
For on-chain analysis resource Material Indicators, it was now “do or die” for BTC price action when it came to a key bullish trend line in place since mid- June.
On that day, this trendline stood at around $19,600, with the BTC/USD pair now holding it as support.
Gut check time for #Bitcoin bulls battling for the trendline. #FireCharts pic.twitter.com/AUJmKXClU9
— Materials Indicators (@MI_Algos) July 13, 2022Significant gains in the meantime seemed less likely for crypto markets thanks to the day when they were once again ruled by the US dollar...
Nothing can keep the US Dollar Index (DXY) low this year, and concerns over its impact on assets beyond of cryptography are spreading.
Market Update
Bitcoin (BTC) found a new target at just under $20,000 on July 14, as US dollar strength hit a new two-decade high.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD rebounding from lows caused by a new 40-year high for US inflation according to the Consumer Price Index (CPI). ).
After briefly dipping below $19,000, the pair soared above $20,000 before immediately consolidating below this psychologically significant level.
For on-chain analysis resource Material Indicators, it was now “do or die” for BTC price action when it came to a key bullish trend line in place since mid- June.
On that day, this trendline stood at around $19,600, with the BTC/USD pair now holding it as support.
Gut check time for #Bitcoin bulls battling for the trendline. #FireCharts pic.twitter.com/AUJmKXClU9
— Materials Indicators (@MI_Algos) July 13, 2022Significant gains in the meantime seemed less likely for crypto markets thanks to the day when they were once again ruled by the US dollar...
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