Bitcoin is down 0.30% in the last 24 hours.
Analysts now question whether the Dollar Index’s negative drop will lead to a BTC rise.
BTC has been unable to hold over $30,800 since May 16, indicating that demand is dwindling. The U.S. equities markets have not stopped decreasing because of uncertainties about how many rate increases would be necessary. Analysts are getting more pessimistic about the future of crypto as the bear market worsens. Analysts at Rekt Capital believe that Bitcoin might decline from $19,000 to $15,500 before it reaches a stable price point.
Dollar Proved Strongest Hedge
The focus is now turning away from Bitcoin and toward the U.S. dollar, which operates within a narrow band. With the Dollar index having just rallied to its greatest levels in 20 years, this is especially the case. However, it seems to be in decline. Analysts now question whether the Dollar Index’s negative drop will lead to a Bitcoin rise.
It’s been a rough few weeks for Bitcoin and the rest of the crypto industry. The securities market has also experienced this. The Federal Reserve has raised interest rates to combat inflation and economic decline. Historically, bonds have been a haven when interest rates rise, but that hasn’t been the case this time around.
After recent crypto and stock market collapses, the dollar proved to be the strongest hedge. After falling from 104 to 102, however, the Dollar Index has lately recovered somewhat, which has led to a minor rebound in the Dow. According to CMC, the Bitcoin price today is $29,572.08 USD with a 24-hour trading volume of $27,479,245,762 USD. Bitcoin is down 0.30% in the last 24 hours.