Crypto Daily – After a crash down to nearly $89,000, the (BTC) price recovered strongly, making back all the losses and ending the day at over $94,000. Was this the last chance for the bears? Can the price go back to the all-time high?
Has the Dollar Index (DXY) now topped out?
In the macro world things were not looking good for risk assets like Bitcoin. The Dollar Index (DXY) touched $110, and the yield on the 10 year U.S. government bond reached 4.8%. A very strong dollar was in evidence, and risk assets were suffering because of it.
Source: TradingView
The DXY chart above tracks the US dollar against a basket of other major currencies. Generally, if the US dollar is strong, this is not good for assets, and especially risk assets. The monthly chart shows a descending trendline that goes back to March 1985, so nearly 40 years. Also, the current price has reached a very strong horizontal resistance of $110. A rejection from here would be quite likely. Although,…
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