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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Bitcoin Dips Below $24,000 Again As DXY Hits 7-Week High

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin BTC

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The Bitcoin price has fallen back below the $24,000 level, while the US Dollar Index (DXY) has reached a seven-high. After BTC managed to defend the key support of $23,867 in the 1-day chart yesterday, the bulls now need to prove their strength again.

Otherwise, a drop to the $23,300 level might be inevitable, where larger amounts of liquidity might be waiting. As NewsBTC reported yesterday, the zone between $22,659 and $23,325 is currently the most important level of support, as 1.41 million addresses bought 711,550 BTC in this area.

DXY Vs. Bitcoin: Who Wins?

The Bitcoin market has decoupled from its correlation with the U.S. dollar index and the S&P 500 in recent weeks and managed to rally despite a strong DXY. This trend now needs to be defended, especially as the dollar index has posted a new seven-week high of 104.68.

At press time, the DXY was hovering around 104.52, hovering around the weekly high as a result of the Fed’s hawkish concerns in the FOMC Minutes released yesterday. The index climbed 0.36% on Wednesday after the minutes were released.

DXY
DXY showing strength, 1-day chart | Source: DXY on TradingView.com

The FOMC Minutes showed that almost all Fed policymakers favored a slowdown in rate hikes. At the same time, they pointed out that lowering still-high inflation to 2% requires further rate hikes.

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Bears Beware: Bitcoin “Trend” Strengthens To Pre-ATH Levels

1 year ago

With that in mind, Fed officials signaled that a robust U.S. economy may prompt them to raise rates a bit more than expected to combat high inflation. As analyst LeClair noted via Twitter, rate cuts appear to be off the table for 2023.

Rate cuts are off the table for 2023. pic.twitter.com/G9P51DnaBK

— Dylan LeClair 🟠 (@DylanLeClair_) February 22, 2023

This is likely to give further strength to the US dollar in the long run and put pressure on the sentiment on the Bitcoin market.

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A trend-setting decision for the DXY or risk assets could come as early as tomorrow (Friday). That’s when the U.S. fourth quarter Personal Consumption Expenditure (PCE) estimate and preliminary U.S. Gross Domestic Product (GDP) numbers will be released.

QCP Capital’s Analysis

Singapore-based crypto options trading giant QCP Capital explained in its latest analysis that for the dollar to strengthen, the NFP (nonfarm payroll), CPI and FOMC would need to support the move next month.

The market is already pricing a higher rate for 2023 than the Fed’s dots now, which means it would take another strong set of data and the FOMC to move up their median to kick off the next leg lower for risk assets.

Until then, according to QCP Capital, BTC will probably move in a range and wait for the next signal. On a longer time frame, QCP warns that Bitcoin could be in for another sell-off, based on the Elliott Wave Theory:

A potential double top is forming against the August 2022 correction high, and May 2022 reaction is low at 25,300. Above that we have the huge 28,800-30,000 resistance which is the Head and Shoulders neckline. Until these levels break, our 5 wave count still remains valid, with a final Wave 5 lower to come.

Featured image from Kanchanara / Unsplash, Chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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