Market Factors

Dollar demand has picked up since the June FOMC statement when the Fed decided to hike interest rates as expected. The US central bank also upgraded growth and jobs forecasts while confirming that they’re on track to tighten again before the end of the year and unwind their balance sheet holdings.

Meanwhile, bitcoin price has taken a hit from rising skepticism, following bearish remarks from well-known analysts and investors. To top it off, Ethereum suffered a flash crash in the GDAX so traders are wary that cryptocurrencies are still unsteady.

Moving forward, market sentiment could dictate where bitcoin price is headed next, but there’s also a very strong chance of profit-taking as the end of the month and quarterly draws near. With that, bitcoin price could erase more of its gains from the past three months as investors book profits.