Chain News by Thebittimes.Com

The strength in the United States dollar index could keep Bitcoin and select altcoins under pressure in the near term. Bitcoin’s (BTC) weakness on Sep. 24 shows that the bears remain in control. Sellers are trying to pull the price below $26,000 but the bulls are likely to defend the level with vigor. Buyers are trying to achieve a positive monthly close for Bitcoin in September for the first time since 2016. If they can pull it off, it will be a major sentiment booster as October generally favors the buyers. According to CoinGlass data, Bitcoin has seen a negative monthly close in October only on two occasions, in 2014 and 2018. However, Bitcoin bulls will find it difficult to maintain the momentum if macroeconomic headwinds persist. Daily cryptocurrency market performance. Source: Coin360 Another risk to the cryptocurrency recovery may come from the strength in the greenback, which has risen for ten straight weeks, its longest winning streak since 2014. The United States dollar inde...

After weeks of low volatility, Bitcoin bulls are trying to make a comeback, but the rise in the U.S. dollar index may limit the upside recovery. Bitcoin (BTC) has been stuck inside a tight range in August. Glassnode lead on-chain analyst Checkmate highlighted that the spread between the upper and lower Bollinger Bands for Bitcoin has shrunk to 2.9%, its third tightest ever.  Typically, periods of low volatility are followed by a range expansion. The longer the time spent inside a range, the stronger the eventual breakout from it. The only problem is that it is difficult to time the breakout with certainty. Therefore, traders should be watchful else they may miss out on the opportunity to ride the next trending move. Daily cryptocurrency market performance. Source: Coin360 One reason that could be weighing down on the risky assets is the strength in the U.S. dollar index (DXY), which has risen for four consecutive weeks. In contrast, the United States equities markets entered a correct...

Cryptocurrency and stock markets could see a sharp spike in volatility due to this week’s CPI print, interest rate hike and a conference from Federal Reserve chair Jerome Powell. The consumer price index (CPI) data on Dec. 13 and the outcome of the Federal Reserve meeting on Dec. 14 could influence the United States stock markets and the cryptocurrency markets in the near term. Traders are likely to play it safe and not take large directional bets until the CPI print because any nasty surprise could produce a sharp knee-jerk reaction. Daily cryptocurrency market performance. Source: Coin360 Some analysts believe that Bitcoin (BTC) could fall further before it hits a bottom, but Arthur Hayes, the former CEO of crypto derivatives platform BitMEX, thinks that Bitcoin may have passed its worst phase for this cycle. While speaking with podcaster and independent market analyst Scott Melker, Hayes said that he believesthe “largest most irresponsible entities” have largely dumped their Bitcoi...