{"id":10394,"date":"2023-02-15T17:01:55","date_gmt":"2023-02-15T17:01:55","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=10394"},"modified":"2023-02-15T17:01:56","modified_gmt":"2023-02-15T17:01:56","slug":"bitcoin-price-eyes-23k-despite-us-dollar-strength-hitting-6-week-high","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10394","title":{"rendered":"Bitcoin price eyes $23K despite US dollar strength hitting 6-week high"},"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) hit its highest in almost a week on Feb. 15 as \u201cextremely positive\u201d economic data boosted risk asset sentiment.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC\u2019s price aims for $23,000<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD gaining 2.2% on the day to eye a reclaim of $23,000.<\/p>\n<p>Analysts were already predicting volatility, with the latest economic numbers from the United States delivering a pleasant surprise.<\/p>\n<p>Retail sales and the Empire State Manufacturing Index both surpassed market expectations, showing a more resilient economy despite restrictive policy at the Federal Reserve.<\/p>\n<p>\u201cExtremely positive numbers. Core Retail Sales and Retail Sales both smash expectations, while also Manufacturing Index more positive than expected,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, reacted. <\/p>\n<p>\u201cThe relief rally will continue, as it seems.\u201d<\/p>\n<p>The figures followed the Consumer Price Index (CPI) print for January, which came practically in line with expectations and provided only limited volatility as a result.<\/p>\n<p>Bitcoin made a much bigger statement on the day, however, causing some to rethink their short-term perspective on the market.<\/p>\n<p>\u201cI was cleary wrong today with my expectations on lower TF, expecting some correction first. As mentioned: a reclaim of $22,3k is bullish to me and opens the road to 25k imo,\u201d popular trader Crypto Ed acknowledged\u00a0in part of Twitter comments.<\/p>\n<p>Fellow trader Skew, meanwhile, eyed $22,500 as an important zone for bulls to reclaim next.<\/p>\n<p>\u201c$22.5K was strong support &amp; price consolidated above for 19days; reclaiming this level would be pretty bullish for BTC,\u201d an update on the four-hour chart read.<\/p>\n<p>\u201cElse failure will result in price testing the breakout consolidation.\u201d<em>BTC\/USD annotated chart. Source: Skew\/Twitter<\/em><\/p>\n<h2>DXY surge may see \u201ctighter financial conditions\u201d<\/h2>\n<p>U.S. equities were biding their time at the time of writing, meanwhile, with the S&amp;P 500 still down 0.5% on the day.<\/p>\n<p><strong><em>Related:\u00a0First weekly death cross ever \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>The Nasdaq Composite Index gained a modest 0.7%, while the much-watched U.S. Dollar Index (DXY) crossed the 104 mark for the first time since Jan. 6 in a warning to risk assets.<\/p>\n<p><em>U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<p>\u201cI\u2019d still be cautious around here. Keeping open mind of things&#8230;both btc and eth below jan high still. &#8230;dxy pushing up. wouldn\u2019t get too optimistic just yet,\u201d TraderSZ thus argued about the outlook for major crypto assets.<\/p>\n<p>Investor Michael J. Kramer, meanwhile, predicted a trip to 106 for DXY, along with \u201ctighter financial conditions\u201d in what could end up a recipe for defeat for the crypto rebound.<\/p>\n<p lang=\"en\" dir=\"ltr\">$dxy trying to break out, next stop could be 106 and tighter financial conditions along with it. pic.twitter.com\/pQNRzbhsW4<\/p>\n<p>\u2014 Michael J. Kramer (@MichaelMOTTCM) February 15, 2023<\/p>\n<p>\u201cFor all the grave stomping on the dollar, the DXY is trading above the 2022 daily close. Interesting&#8230;,\u201d Caleb Franzen, senior market analyst at Cubic Analytics, added.<\/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 async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><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-price-eyes-23k-despite-us-dollar-strength-hitting-6-week-high\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) hit its highest in almost a week on Feb. 15 as \u201cextremely positive\u201d economic data boosted risk asset sentiment. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC\u2019s price aims for $23,000 Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD gaining 2.2% on the day to eye a reclaim of $23,000. Analysts were already [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10394","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\/10394","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=10394"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10394\/revisions"}],"predecessor-version":[{"id":10396,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10394\/revisions\/10396"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10395"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}