Buy the dip, or wait for max pain? Analysts debate whether Bitcoin price has bottomed

Buy the dip, or wait for max pain? Analysts debate whether Bitcoin price has bottomed


It has been a rough week for the cryptocurrency market, primarily because of the Terra ecosystem collapse and its knock-on effect on Bitcoin (BTC), Ethereum (ETH) and altcoin prices, plus the panic selling that took place after stablecoins lost their peg to the U.S. dollar.

The bearish headwinds for the crypto market have been building since late 2021 as the U.S. dollar gained strength and the United States Federal Reserve hinted that it would raise interest rates throughout the year.

According to a recent report from Delphi Digital, the 14-month RSI for the DXY has now “crossed above 70 for the first time since its late 2014 to 2016 run up.”

Trending: After Days of Pressure, Kathy Barnette Releases a DD-214

DXY index performance. Source: Delphi Digital

This is notable because 11 out of the 14 instances where this

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend