{"id":10232,"date":"2023-02-07T01:00:04","date_gmt":"2023-02-07T01:00:04","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=10232"},"modified":"2023-02-07T01:00:05","modified_gmt":"2023-02-07T01:00:05","slug":"bitcoin-trader-fears-a-bear-market-comeback-watch-the-us-dollar","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10232","title":{"rendered":"Bitcoin trader fears a bear market comeback: Watch the US dollar"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) stayed motionless at the Feb. 6 Wall Street open as analysis showed an \u201cinteresting dynamic\u201d in play on BTC price charts.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Bitcoin: Golden cross meets death cross<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it ignored the start of United States equities trading to stay near $22,800.<\/p>\n<p>The pair had seen flash volatility into the weekly close, abandoning levels nearer its six-month highs above $24,000.<\/p>\n<p>Bitcoin thus worried market participants as the week began, with an increasing number eyeing a potential retest of $20,000 or lower.<\/p>\n<p>For on-chain monitoring resource Material Indicators, attention now turned to two classic chart features: a \u201cgolden cross\u201d on daily timeframes and a \u201cdeath cross\u201d on weekly timeframes.<\/p>\n<p>Representing interplay between the 50- and 200-day moving averages, golden and death crosses traditionally indicate upcoming bullish and bearish moves, respectively.<\/p>\n<p>Such is their notoriety that automated trading tools may buy or sell as required should one or both events occur.<\/p>\n<p>\u201cAt the moment it occurs, a Golden Cross on the Bitcoin D chart could trigger some buying. Likewise, a pending Death Cross on the W chart will trigger some algotrading bots to sell,\u201d Material Indicators wrote in a tweet on the day.<\/p>\n<p>It also highlighted upcoming comments from Jerome Powell, chair of the U.S. Federal Reserve. Due on Feb. 7, cues over inflation policy present in Powell\u2019s words could easily move markets.<\/p>\n<p>Continuing on the chart crosses, Material Indicators co-founder Keith Alan described them as an \u201cinteresting dynamic evolving.\u201d<\/p>\n<p>\u201cBitcoin is headed for an eminent Golden Cross on the D chart which is short term bullish and could trigger some TA algos to buy. We are also headed for a Death Cross on the W chart which is longer term bearish,\u201d he stated in his own tweet.<\/p>\n<p><em>BTC\/USD annotated charts with golden and death crosses marked. Source: Keith Alan\/Twitter<\/em><\/p>\n<h2>Dollar strength rebounding is \u201cbad news\u201d for crypto<\/h2>\n<p>On the macro, U.S. stocks were down slightly at the open, with the S&amp;P 500 and Nasdaq Composite Index losing 0.8% and 1.1%, respectively. Asian stocks had also finished the day lower.<\/p>\n<p><strong><em>Related:\u00a0Is BTC price about to retest $20K? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>The U.S. Dollar Index (DXY), meanwhile, continued its rebound in a move threatening to pressure risk assets further.<\/p>\n<p>The Index traded above 103.6 at the time of writing, its highest since Jan. 9, as analysts began to fear for the health of the crypto rally.<\/p>\n<p>\u201cIt appears the dollar is attempting to reclaim its yearly uptrend,\u201d popular trader and analyst Roman summarized.<\/p>\n<p>\u201cThis is bad news for crypto &amp; stocks because it will indicate a pullback \/ continuation of bear market. This week is very important. A reclaim of trend, $SPX loses 4100, &amp; I turn back to macro bearish.\u201d<em>U.S. dollar index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-trader-fears-a-bear-market-comeback-watch-the-us-dollar\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed motionless at the Feb. 6 Wall Street open as analysis showed an \u201cinteresting dynamic\u201d in play on BTC price charts. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin: Golden cross meets death cross Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it ignored the start of United States equities trading [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10232"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10232\/revisions"}],"predecessor-version":[{"id":10234,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10232\/revisions\/10234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10233"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}