Can we smile now? Bitcoin is almost at $17,000.
With macro cues lacking, analysts eyed a potential breakdown in U.S. dollar strength as the next volatility catalyst for crypto and risk assets.
The U.S. dollar index looked set to challenge multi-day support, wicking below 105 multiple times on the day. “$DXY’s first time under the 100 day MA since June of ‘21,” Joe Cariasare, co-host of the Inside Bitcoin podcast,Trader and analyst Pierre added that both DXY and the S&P 500 could nonetheless trade sideways until the Consumer Price Index print for November comes in on Dec. 13.“In the meantime, both SPX and DXY still hovering around their respective D1 200 EMA,” chart comments“DXY flipping it resistance so far, while SPX sitting at D1 uptrend, important level to defend.
On BTC/USD, popular trader Daan Crypto Trades expected the trading range to expand a absorb liquidity both above and below spot.“I think all these levels will get taken out and that the initial move will likely become a fakeout only to retrace and take the other side. Would definitely be a classic Bitcoin move.”"Final phase" of the Bitcoin bear market?Related:The S&P 500 was up 1% at the time of writing, while the Nasdaq Composite Index was 1.2% higher.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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