$DXY is testing multi-year support once again and causing pressure on $BTC
In the last 24 hours, the U.S. dollar has been aiming at new highs as it reached the multi-year trend's resistance level the second time in two weeks. The resistance was previously marked as a reversal point for the currency and the start of the recovery for risk-on markets, including cryptocurrencies.DXY's strong performance could be the main reason behind the plunge Bitcoin and other cryptocurrencies are making today.
Unfortunately, technical analysis is a secondary factor for DXY, and its performance is mostly tied to the monetary policy of the United States. Until the Fed's pivot, USD will continue to go up as rate hikes make stable investment opportunities more interesting, while risk-on assets like Bitcoin and other cryptocurrencies suffer in a market like this.
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