The first cryptocurrency by market cap lost support in the high area around $30,000 and currently struggles to maintain the mid area.
A major macro event in the past week, the US dollar spike as investors lower their inflation expectations for the coming months.
In the XAU/USD trading pair, the precious metal dropped from the high $1,800 area.
Analyst from Jarvis Labs, Ben Lilly, expects the FED to make a move during the coming weeks to inject dollars into the markets.
Two of the most asked questions in every platform, social media, and chat related to cryptocurrencies.
Predictions estimated that Bitcoin’s price could go as high as $100,000 or even $1 million, Rager thought that $78,000 and $85,000 were better estimates.
It’s hard to rule out a run like 2013 where price ended up hitting a new peak high 8 months later after a steep pullback.
On the other hand, former Goldman Sachs fund manager Raoul Pal believes the US dollar could only get stronger in the short term.
As the opposite seems to be happening, the FX market could be shaken out.
Remember – 100% of all FX Wall Street forecasters predicted a weaker dollar in 2021 and positions reached record short levels in the dollar.
The bulls must make a push to $40,000, only time will tell if they will receive a boost from Powell and the Federal Reserve.