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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Strength In U.S. Dollar May Have Killed Bullish Momentum In Crypto Market?

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
crypto bitcoin

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The crypto market has been losing momentum as the price of Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) start trading in the red. The largest cryptocurrencies by market cap might experience further losses as macro-economic factors keep exercising a negative influence on risk-on assets.

Related Reading: Ethereum Price Slides As Staked Token Reaches New ATH Ahead Of Hyped Merge

At the time of writing, the crypto total market cap stands at $1.09 trillion after experiencing rejection at the $1.2 trillion mark. This has led to minor losses for Bitcoin (2.2%), and Binance Coin (7%), only Ethereum has been able to preserve some of its last week’s gains.

Bitcoin BTC BTCUSDT Crypto
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

Analyst Justin Bennett believes the crypto market has been negatively impacted by the uptrend in U.S. dollars. The currency saw a major push to the upside at the start of 2022 on its monthly chart and seems to be attempting to reclaim 2022 levels on higher timeframes.

This could translate into more losses for risk-on assets, such as equities and cryptocurrencies; more economic uncertainty as inflation trends higher in decades; less liquidity across global financial markets. Bennett said the following while sharing the chart below:

Expect #stocks and crypto to struggle while the US dollar is doing this. The $DXY just took out 107 on its way to 107.40. I still think we see 112-113. Be careful out there (…). The trend is your friend…unless it’s the $DXY. 112-113 first, but most likely 120 in the next few months. USD up means risk assets down.

Crypto DXY JB 1
DXY Index (U.S. Dollar) breaking above important resistance on the monthly chart. Source: Justin Bennett

The largest crypto by market cap, Bitcoin, saw a yearly low at around $17,600. As NewsBTC reported, Fidelity’s Director of Macro Jurrien Timmer believes this level is on par with the cryptocurrency’s previous bottoms and expects that price point to operate as critical support.

Will Macro Economic Factors Break A Critical Support For Crypto

Using BTC’s Supply and Demand models, Timmer compared $17,600 with $3,100 and $200, two major support zones for Bitcoin even in persistent downside trends. The expert said the following on BTC’s capacity to see more appreciation in the long term, bullish momentum that will surely push the entire crypto market upwards:

Bitcoin’s price-to-network ratio (my proxy for a valuation multiple) is back to 2014 levels. Meanwhile, its network continues to grow, roughly in line with a power regression curve.

Bitcoin BTC BTCUSDT Fidelity 2
Source: Jurrien Timmer via Twitter

In contrast, Bennett expects more losses for BTC’s price and the crypto market. The first crypto by market cap could bottom between $9,500 to $13,500.

Related Reading: Bitcoin Tumbles As Fed Opts For Restrictive Rates

The expert bearish thesis is based on the U.S. Federal Reserve (Fed) current monetary policy. The financial institution is set on stopping inflation from going higher and will continue to increase interest rates, Bennett believes, to achieve that goal.

Bear market rallies are easy to identify even without a chart. It comes down to one simple question.

Is the fed easing or tightening?

➡️If easing, dips are for buying
➡️If tightening, rallies are short-lived

The fed just began tightening and isn’t likely to stop anytime soon.

— Justin Bennett (@JustinBennettFX) August 17, 2022

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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

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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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