- DXY attempted a rise but was brought back down over the past 24 to 48 hours.
- BTC has outperformed all major indexes this week, only dropping less than 4%.
- It appears that BTC is close to hitting its bottom.
The U.S. Dollar Currency Index (DXY) has risen slightly over the past 24 hours, but has been in a decline for the past few days according to TradingView.
DXY attempted to make a move up over the past two days as can be seen on its daily chart, but was brought back down following the U.S. Federal Reserve’s announcement to hike interest rates by 75 basis points this week. As the leading fiat currency, investors and traders may look to the crypto markets for profit making opportunities as the dollar continues to weaken.
BTC’s daily chart shows that the crypto market leader’s price has also been on the decline for the past couple of weeks. However, it appears that BTC’s price has bottomed out at around $18,000. Investors may look at this as an opportunity to buy in at the market bottom while U.S. monetary policy makers continue to try to curb inflation with interest rate hikes.
Among all of the mayhem in the markets at the moment, it is encouraging to see that Bitcoin (BTC) has outperformed both the major indexes and has only fallen less than 4% over the last week. This adds to the idea that BTC’s bottom is near.
Currently, the crypto market tracking website CoinMarketCap shows that BTC is trading at $19,100.42 following a 1.31% fall in price over the past 24 hours. Furthermore, at the time of writing, the global crypto market cap has fallen 0.91 percent to bring the total down to $941.94 billion.
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