Reverse turn the dollar wobbles and boosts Bitcoin price action
Hello dear readers, let this post serve to share some impressions socialized in by William Suberg on the portal at Cointelegraph, specifically on how the pair had BTC/USD managed to avoid further losses after yesterday's shock that sent the price plummeting to the $22,000 area.
According to Suberg, with U.S. equities closing the week strongly, Bitcoin and altcoins were unable to take advantage of what traders said would normally be a profit opportunity.
In that same vein he also indicated that the US dollar's failed attempt to rally provided another potential tailwind for cryptocurrencies, but it has yet to be taken advantage of as the stock market week comes to a close.
That said, the same is likely to continue to happen over the next few days which would imply that a reverse turnaround will be generated, which will shake the dollar and boost Bitcoin's price action and the entire cryptocurrency market.
In particular, I believe that beyond the macroeconomic and financial scenario and the hypothesis of an inverse turn, which will shake the dollar and boost the price action of Bitcoin and the entire cryptocurrency market, I think we should be alert because as March progresses, the outlook for the measures taken by the FED will become more pronounced.
SOURCES CONSULTED
Cointelegraph Bitcoin price would retest $25K without Silvergate saga — analysis. Link
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There is an inverse relationship between the dollar and Bitcoin, meaning that when the dollar weakens, the price of Bitcoin tends to increase. This is because many investors see Bitcoin as an alternative asset to the dollar, and when the value of the dollar declines, they seek refuge in Bitcoin as a way to protect their wealth.