Bitcoin gets spooked by a rampant U.S. dollar as Wall Street returns for 2022.
showed BTC/USD acting in a narrow range as the week began, with traders split over short-term outcomes.
"It's just a matter of time before BTC breaks out, and the longer it takes the harder it will pump," popular Twitter account GalaxySuch optimism was far from universal, however. For Cointelegraph contributor Michaël van de Poppe, the time had come to look closer at altcoins than BTC."Still need additional confirmation, but shows more strength than Bitcoin at this point. Ultimate confirmation above $4,100.
ETH/USD was up over 2% in 24 hours at the time of writing, with BTC/USD conversely showing no inclination to tackle even daily highs.On macro markets, the S&P 500 was up a touch at the Wall Street open, amid predictions that the first half of the year would be a further boon for equities across the board thanks to the prospect of key interest rate hikes.
The U.S. dollar, meanwhile, saw a sudden boost Monday, with the U.S. dollar currency index rapidly gaining — as is customary, to Bitcoin's detriment.Never mind the bearish divergence Among Bitcoin-focused analysts, meanwhile, TechDev led calls to quash bearishness, arguing that on-chain indicators do not support a bearish thesis.Concerns about both the relative strength index and moving average convergence/ divergence pale in comparison to more fundamental indicators still yet to print a bearish outlook, he said at the weekend.
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