DXY Bounces at Major Support as BTC Price Fights for Breaking $17.5K Resistance

Digiasset News Dec 07, 2022

DXY ( United States Dollar Index ) bounce on a strong support line (check on red line on the chart below) of 103.8 points on Dec 2, which was the lowest level seen in five months. The U.S. dollar’s in correction condition, as the 114.6 peak was the highest level in the last 10 years. Then next week there is announced inflation data by the FED (October Inflation Data on 7,7%), it make sure that DXY will be moving more volatile. According to these movements cryptocurrency especially major coins such as Bitcoin, Ethereum, Binance, etc, would be got an impact and traders have a chance entry the market.

Based on data’s ( Dec 7th, 2022 ) CoinMarketCap in a last week BTC dropped with - 1.00 % and ETH drop too on - 1.98 %. Then, data on Illustration of Fear and Greed Index Crypto is still in fear category at level 29, mostly investors might not interest in BTC especially in spot market.

BTCUSDT Market Analysis

BTC price fights for rebreaking $17,500 as resistance line on Nov 11, 2022. BTCUSDT since Nov 23, 2022, is on uptrend momentum( from $15.5K), and it kept the price above $16,800 for the past 7 days. Maybe this uptrend in a bigger timeframe view will be a catalyst for bringing BTC higher. For additionally, bitcoin price analysis could essentially help the investor or the trader determine the best and most profitable entry and exit points.

On the other hand, Standard Chartered Bank published a note titled “The financial-market surprises of 2023” Sunday. Eric Robertsen (Standard Chartered’s global head of research) said, “Yields plunge along with technology shares, and while the bitcoin sell-off decelerates, the damage has been done. More and more crypto firms and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets.”

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