{"id":8919,"date":"2022-12-02T17:56:52","date_gmt":"2022-12-02T17:56:52","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8919"},"modified":"2022-12-02T17:56:53","modified_gmt":"2022-12-02T17:56:53","slug":"bitcoin-bulls-lie-in-wait-as-us-dollar-strength-hits-5-month-lows","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8919","title":{"rendered":"Bitcoin bulls lie in wait as US dollar strength hits 5-month lows"},"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) continued to hold key support on Dec. 2 as United States stocks fell on the Wall Street open.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>DXY weakness offers hope of &#8220;Santa rally&#8221;<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as bulls bought time between $16,800 and $17,000.<\/p>\n<p>Analysts had earmarked the former as a key level to retain, this nonetheless in question at the time of writing as stocks shed 1% to start the session.<\/p>\n<p>Popular crypto analytics account Nunya Bizniz queried whether it was time for a \u201cdecision\u201d on S&amp;P 500 performance, eyeing a pattern which suggested a local top may soon appear.<\/p>\n<p>Should that be the case, Bitcoin\u2019s correlation to traditional risk assets would be tested, this having ebbed in the wake of the FTX meltdown.<\/p>\n<p>For the meantime, however, the inversely-correlated U.S. dollar gave bulls little to worry about, the U.S. dollar index (DXY) hitting five-month lows.<\/p>\n<p>DXY wicked down to just 104.37 on the day before rebounding above 105 at the Wall Street open.<\/p>\n<p><em>U.S. dollar index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<p>Fellow analyst Pumpcat thus eyed the six-month close for the chart due at the end of December.<\/p>\n<p>\u201cI think the probablity for a longterm correction is high from here on,\u201d he predicted.<\/p>\n<p>Another popular Twitter analytics account, Cold Blooded Shiller, additionally entertained the idea of a \u201cSanta rally\u201d should macro data and comments from the Federal Reserve complement risk asset performance \u2014 to the dollar\u2019s detriment. <\/p>\n<p>\u201cMarkets are clearly at an important point &#8211; both the $DXY looking like freefall + markets like $SPX looking to try and break the major trendlines that have kept them capped,\u201d a further tweet on the day added.<\/p>\n<h2>Analyst reinforces $19,500 significance<\/h2>\n<p>Eyeing potential for upside, trader and analyst Rekt Capital stuck with $19,500 as the ceiling for Bitcoin on monthly timeframes.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin miner outflow ratio hits 6-month high in new threat to BTC price<\/em><\/strong><\/p>\n<p>BTC\/USD finished November down 16.2%, having broken through support to trade in a new range in the wake of FTX.<\/p>\n<p>&#8220;BTC lost $19500 as support. But it hasn&#8217;t turned it into a new resistance,&#8221; he wrote.<\/p>\n<p>&#8220;Technically, $BTC could relief rally to as high as $19500 to turn it to a new resistance. That would be a textbook confirmation of the breakdown. Doesn&#8217;t have to happen but a possibility.&#8221;<em>BTC\/USD annotated chart. Source: Rekt Capital\/ Twitter<\/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-bulls-lie-in-wait-as-us-dollar-strength-hits-5-month-lows\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) continued to hold key support on Dec. 2 as United States stocks fell on the Wall Street open. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView DXY weakness offers hope of &#8220;Santa rally&#8221; Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as bulls bought time between $16,800 and $17,000. Analysts had earmarked the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8919","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\/8919","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=8919"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8919\/revisions"}],"predecessor-version":[{"id":8921,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8919\/revisions\/8921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8920"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}