Will the Bitcoin rally last? DXY, SPX, GC and WTI may have the answer

BTC climbs back above $21,000 as the US Dollar Index shows signs of slowing, but the market broader cryptography beginning to reverse its downtrend?< /p> Price analysis
Federal Reserve Chairman Jerome Powell said in a question-and-answer session hosted by the Cato Institute on September 8 that the central bank would continue to raise rates until inflation be under control. However, those comments did not shake markets as much as most would have expected, indicating that traders may have already priced in a 75 basis point rate hike at the next Fed meeting. September 20 and 21.

Bitcoin has been highly correlated with the S&P 500 and inversely correlated with the US Dollar Index (DXY) over the past few weeks. With the DXY cooling from a two-decade high, risky assets attempted to rally.

Crypto daily view of market data. Source: Coin360
US stock markets try to break a three-week losing streak as Bitcoin (BTC) climbs above the level psychological at $21,000.

Does the rally in the equity and crypto markets indicate that risk sentiment is back? Let's analyze five asset classes to examine their trends and determine where they might go in the coming days.
BTC/USDT
Bitcoin bounced off the strong support at $18,626 on September 7 and broke above the $19,520 breakdown level on September 9. This may have triggered a short cover by the aggressive bears, which propelled the price above the 20-day level. Exponential Moving Average (EMA) ($20,434).

BTC/USDT daily chart. Source: TradingView
The Relative Strength Index (RSI) has...

Crypto Sep 9, 2022 0 54 Add to Reading List

Will the Bitcoin rally last? DXY, SPX, GC and WTI may have the answer

BTC climbs back above $21,000 as the US Dollar Index shows signs of slowing, but the market broader cryptography beginning to reverse its downtrend?< /p> Will Bitcoin's rally sustain? DXY, SPX, GC and WTI could have the answer Price analysis

Federal Reserve Chairman Jerome Powell said in a question-and-answer session hosted by the Cato Institute on September 8 that the central bank would continue to raise rates until inflation be under control. However, those comments did not shake markets as much as most would have expected, indicating that traders may have already priced in a 75 basis point rate hike at the next Fed meeting. September 20 and 21.

Bitcoin has been highly correlated with the S&P 500 and inversely correlated with the US Dollar Index (DXY) over the past few weeks. With the DXY cooling from a two-decade high, risky assets attempted to rally.

US stock markets try to break a three-week losing streak as Bitcoin (BTC) climbs above the level psychological at $21,000.

Does the rally in the equity and crypto markets indicate that risk sentiment is back? Let's analyze five asset classes to examine their trends and determine where they might go in the coming days.

BTC/USDT

Bitcoin bounced off the strong support at $18,626 on September 7 and broke above the $19,520 breakdown level on September 9. This may have triggered a short cover by the aggressive bears, which propelled the price above the 20-day level. Exponential Moving Average (EMA) ($20,434).