A widely followed cryptocurrency analyst says one catalyst could trigger a bull run in Bitcoin (BTC) and other digital assets.
In a new video update, cryptocurrency strategist Jason Piggino tells his 334,000 YouTube subscribers that the recent BTC selloff could be due to the US dollar coming out of a slump.
“Bitcoin also fell for a few days, but found a high when the USD found a low…Now we find ourselves today where we have just seen the USD break out of a downtrend. …
And this appears to be putting pressure on Bitcoin, at least in the short term. ”
Looking at the US Dollar Index (DXY) chart, Pizzino said there may be room for a little more upside, but traders should avoid rejections near certain areas as it could trigger a massive bull run in digital assets. He says you need to be careful about your reactions. stock market.
“I think (DXY) has turned a little bit more upwards here…Now we end up testing around the top of 101.8. 102 is another psychological level and then we get into that 102.3 area. Some of these swing-bottoms are very substantial and take a lot of resistance overhead…
Be careful in case we get a rejection (around 101.8 to 102.3). That would give Bitcoin and cryptocurrencies more upside potential, and that party could actually start to take possession of the asset…and perhaps even the stock market as we are leading. towards. ”
According to TradingView data, DXY is currently trading at 101.97, while the flagship digital asset is worth $60,607 at the time of writing, down 2.48% in the past 24 hours.
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