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Bitcoin Dollar Correlation: The crypto market continued the bullish momentum that began with the Fed raising interest rate by 25 bps. In a clear sign of support for the decision that came on expected lines, Bitcoin (BTC) price had at one stage breached the $24,000 mark before making slight correction. Overall, the sentiment in the crypto market is bullish with most coins securing huge gains. Altcoins like Cardano (ADA) and Solana (SOL) are up by an impressive 6% while Polygon (MATIC) is up by a staggering 12% in the last 24 hours.
Also Read: Bitcoin Price Holds $24K As Traders Watch These Three Key Events
Meanwhile, projections for the U.S. Dollar Index (DXY) are not quite pleasing as analysts point to the next support price at around 90, while it is currently at 101.13, down by 0.09% in the day. The dollar index generally follows an inverse correlation with the BTC price. Compared to DXY’s range around five days, ago it is down by 0.70%.
Macro Support In Favor Of Bitcoin Rise?
A further decline in DXY could potentially lead to another push to the Bitcoin price. The current range is not too far from the lows registered in May 2022. If DXY fall further below that level, next support is in the range of 92.
The dollar is testing the May lows.
Look out below if it breaks. Next support way down. pic.twitter.com/O0eDA83fcT
— The Wolf Of All Streets (@scottmelker) February 1, 2023
Meanwhile, Bitcoin (BTC) price is showing encouraging signs in continuation to its January rally. As of writing, BTC price stands at $23,847, up 3.21% in the last 24 hours, according to CoinGape price tracker. On Wednesday, the S&P 500 Index too rallied in response to the Fed announcement. During the day, the SPY rallied by 1.05%.
Also Read: Whales Move 500K Ethereum (ETH) Ahead Of US Fed Rate Hike, What’s Next?
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