US Dollar Ready to Top Out, Bitcoin (BTC) to Rekt Shorts: Market Analyst

After seeing more than 7 percent gains last week, the leading cryptocurrency is yet gain see to get stable around $3,500. At the time of writing, Bitcoin has been trading at $3,654 with 24-hours gains of 0.03 percent. With a market cap of $64 billion, it is currently managing the daily trading volume of $6.2 billion after registering $7.7 billion last week.

In the past month, after hitting the $3,750 level, Bitcoin has gone down to $3,390. But last week the cryptocurrency market broadly saw the greens and Bitcoin nearly touched $3,700 again.

Bitcoin 1-month price chart, Source: Coinmarketcap

As Bitcoin swung upwards, analysts are expecting it to move past $4k as crypto trader Johny Moe recently stated,

“No chart for now, but ABCD on BTC here points to the $4,400 range. I do like a move higher, and north of $4k makes sense, before we retest lows again. Expecting this to play out over weeks to months.”

However, the recent gains don’t mean “macro bullish” until the market structure changes and a “higher high” is made rather it should be treated as “lower high” until the market suggests otherwise, according to the technical analyst.

Bitcoin-USD Playout

In the short term, this week could see gains as the market analyst and trader shares, “quietly waiting for DXY to turn south again, causing BTC to rekt shorts.”

As for why the USD top out will be good for Bitcoin, “they are like 80% inversely correlated.” Crypto trader and investor, Josh Rager further stated, “When the dollar does well, Bitcoin typically does not and vice versa.”

Benjamin Blunts further said,

“Bingo, DXY sitting at channel resistance and 0.618. BTC has broken out of 4 week long wedge. Just putting 2 and 2 together here.”

Another crypto trader Mayne shares,

He further shared if we make the higher highs then we would be in for a bullish wave,

“I'm still leaning bearish on the HTF. I think if we make another leg up we top out in the grey zone. If we make a higher high, great, I'll be bullish. Don't let your ego or some neckbeard on CT yelling “REKT” stop you from moving with price.”

Just recently he stated that low could be in or we could “form a range and go sideways” but the goal is to “catch the majority of the move”, as only a “few will buy at or near the low and hold to ATH.”

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