US Dollar’s Surge Impacts Bitcoin

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Today’s Cryptocurrency Headline

Bitcoin faced a setback against the dollar this Thursday, due to the US Federal Reserve’s latest stance lending strength to the greenback. The Federal Reserve, while not increasing interest rates this time, hasn’t ruled out future hikes. A similar sentiment echoed from the Bank of England, opting for a ‘wait-and-see’ strategy. This cautious approach from central banks has led to a ripple effect, with the Nasdaq experiencing a decline since the start of the week. But it’s not all gloomy for Bitcoin. Over the week, it’s still up slightly, hovering around $26,598.The crypto market, however, remains sensitive to central bank policies. Ethereum saw a drop, closing its session at $1,583. In the altcoin arena, while Toncoin boasts a 20% week-on-week increase, it’s been overtaken by Solana in the rankings. Other major altcoins like Cardano and BNB also faced minor setbacks this week. The global crypto market stands at around $1.05 trillion with Bitcoin maintaining its dominance at just over 50%.

BingX’s Bitcoin Chart

Source: TradingView & BingX

As the weekend begins, BTC once again enters a low-volume trading pattern. However, it is important to note that BTC has already surpassed the MA30 and has maintained this position for several days. It is expected that in the next two days, BTC will retest the MA30. If it fails to drop below this level, it will be a positive signal, which will benefit technical indicator investors for entry. The support level is at $26,400 and the resistance level is at $26,900.

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