The recovering U.S. dollar index is putting the breaks on Bitcoin's rally.
) investors reeling from the shock of recent cryptocurrency company failures and banking issues may face another potential problem: a recovering U.S. dollar.Notably, the U.S. dollar index , which tracks the greenback's performance against a basket of top foreign currencies, has risen 4% from its Feb. 3 low of 100.82, amid anticipations that the Federal Reserve will continueAn air of caution remains as fresh U.S. data shows a recession is not yet imminent.
That includes the latest jobless claims, which fell 2,000 to a seasonally adjusted 190,000 in the week ending Feb. 25, and stronger consumer spending in January.complained about rising input prices despite the easing supply-chain problems.
"If those data reports continue to come in too hot, the policy target range will have to be raised this year even more."the Fed to raise the interest rate to almost 6% from the current 4.5-4.75% range. Theoretically, it should renew investors' demand for the dollar by putting downside pressure on"riskier" assets like Bitcoin.From a technical perspective, the U.S. dollar index looks poised to rise by more than 4.
Dubbed inverse-head-and-shoulders , the pattern develops when the price forms three troughs below a common resistance line , with the middle trough deeper than the other two .An IH&S pattern resolves after the price breaks above the neckline and rises by as much as the maximum height between the pattern's lowest level and the neckline.
If the dollar index successfully breaks above its neckline of 105.25, the likelihood of an extended recovery toward 109.75 in 2023 will be higher.The stronger dollar prospects come as Bitcoin bulls fail to sustain the price rally in breaking the $25,000 technical resistance level. BTC price has tumbled by around 13% since with macro headwinds being one of the primary reasons.
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