US Dollar Index (DXY) Falls to 100.85; Bitcoin To Benefit From Drop

Bitcoin sets record weekly close; $650M liquidations shake market. Macro shifts like Moody’s downgrade support Bitcoin’s narrative. Resistance at $106K; support holds around $96K to $102K. A lot has happened in the crypto market over the last 24 hours. Bitcoin grabbed attention over the weekend by closing its highest weekly candle ever. Along with this, the market saw massive liquidations worth $650 million, as both long and short positions were wiped out. First, Bitcoin’s sudden jump forced out short traders, and then a quick correction took down long positions too. Even with all this price action, Bitcoin is still in a strong uptrend, holding on to important support levels. While Bitcoin is showing strength, Ethereum has been lagging behind. Macro Shift?: US Credit Downgrade by Moody’s, Weaker Dollar Helps Bitcoin According to a macro researcher, beyond technicals, broader market dynamics are starting to favor Bitcoin too. Last week, Moody’s downgraded the US government’s credit rating from AAA to AA1, citing rising deficits and ballooning interest costs. The news sent the US Dollar Index (DXY) tumbling to 100.85. A weaker dollar typical… The post US Dollar Index (DXY) Falls to 100.85; Bitcoin To Benefit From Drop appeared first on Coin Edition .

Source: Coin Edition