Bitcoin (BTC) is keeping everyone guessing this week as another Monday starts below $50,000.
After rangebound movements over the weekend, bulls are still waiting for a decisive attack on the $50,000 mark — could it happen now?
Despite optimism from analysts, it seems that not even an “uber dovish” Federal Reserve has the fuel to push BTC/USD above crucial resistance.
Cointelegraph takes a look at five things which could still provide Bitcoin with new momentum.
Dollar comedown as stocks set for even higher highs
Stocks hit fresh all-time highs last week on the back of comments from Fed Chair Jerome Powell.
Correspondingly, the strength of the U.S. dollar took a hit, and the U.S. dollar currency index (DXY) began a multi-day downtrend.
Such conditions tend to be favorable for Bitcoin, and a lack of headwinds coming from the macro-environment could yet give bulls a helping hand.
“There is little doubt Powell was dovish, relative to market pricing and positioning,” one analyst told Bloomberg, echoing the general feeling