'Very weak' BTC price could hit $24,000, trader says as US dollar cools
Pause in Dollar strength allows Bitcoin price action to stem losses, but outlook is anything but positive , analysts warn.
Market Update
Bitcoin (BTC) battled back $20,000 during the July 12 Wall Street open as the US dollar cooled its surge to new two-decade highs.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView
Data from Cointelegraph Markets Pro and TradingView revealed a tussle between buyers and sellers following seven-day lows for BTC/USD.
Intraday losses were driven by a creeping US Dollar Index (DXY), which hit its highest levels since October 2002 at the expense of risky assets thanks to inverse correlation.
United States Dollar Index (DXY) Chart in one-hour candles. Source: TradingViewA subsequent break gave US equities breathing room as the S&P 500 and Nasdaq stemmed losses on the day.
It's good to note how quickly risky assets tend to rise when $DXY drops even the smallest amount.
Much more sensitive to the disadvantages of DXY than the advantages.
When DXY cools down, we get some solid bounces, I think.
— Daan Crypto Trades (@DaanCrypto) July 12, 2022With the consumer price index (CPI) for July 13, print in fo...
Pause in Dollar strength allows Bitcoin price action to stem losses, but outlook is anything but positive , analysts warn.
Market Update
Bitcoin (BTC) battled back $20,000 during the July 12 Wall Street open as the US dollar cooled its surge to new two-decade highs.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView
Data from Cointelegraph Markets Pro and TradingView revealed a tussle between buyers and sellers following seven-day lows for BTC/USD.
Intraday losses were driven by a creeping US Dollar Index (DXY), which hit its highest levels since October 2002 at the expense of risky assets thanks to inverse correlation.
United States Dollar Index (DXY) Chart in one-hour candles. Source: TradingViewA subsequent break gave US equities breathing room as the S&P 500 and Nasdaq stemmed losses on the day.
It's good to note how quickly risky assets tend to rise when $DXY drops even the smallest amount.
Much more sensitive to the disadvantages of DXY than the advantages.
When DXY cools down, we get some solid bounces, I think.
— Daan Crypto Trades (@DaanCrypto) July 12, 2022With the consumer price index (CPI) for July 13, print in fo...
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