{"id":525317,"date":"2023-04-03T09:10:26","date_gmt":"2023-04-03T09:10:26","guid":{"rendered":"https:\/\/wncen.com\/?p=525317"},"modified":"2024-06-11T14:34:47","modified_gmt":"2024-06-11T14:34:47","slug":"bitcoin-above-28000-dxy-spoil-short-term-outlook","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-above-28000-dxy-spoil-short-term-outlook\/","title":{"rendered":"Bitcoin Back Above $28,000, But DXY Spoils Short-Term Outlook"},"content":{"rendered":"

The Bitcoin price plunged 2.2% at the beginning of the trading session in Asia, but managed to hold the important support at $27,700. However, a breakout of the US Dollar Index (DXY) could mean another pullback for the Bitcoin price in the short-term if the inverse correlation remains high.<\/p>\n

Triggering the sudden rise in the DXY (and the fall in the BTC price) was the surprise news from OPEC+ on Sunday that members of the oil alliance announced a 1 million barrel cut in oil production. Saudi Arabia, which plans to produce 500,000 barrels per day less, is leading the voluntary initiative.<\/p>\n

Brent Crude jumped from $75.65 to over $81 earlier today, and is currently trading at $79.71 (as of press time). As a result, the DXY jumped to over 103.0, causing the index to confirm a break out of the downtrend that has been in place since February 7.<\/p>\n

The reason for this was provided by macro analyst Alex Krueger, who pointed<\/a> to a quote from Jerome Powell in March 2022. According to this, the rule of thumb is that a $10 increase in oil prices leads to a 0.2% increase in inflation.<\/p>\n

The rise in oil prices comes at a bad time: the core inflation rate (PCE) proved “sticky” last week, despite falling slightly. In addition, the US Strategic Petroleum Reserve (SPR) is at an all-time low, the banking crisis<\/a> is far from over, and many experts are predicting a recession later this year based on the inverted yield curve, among other factors.<\/p>\n

Related Reading: Bitcoin Market Structure Points To New Uptrend, Here\u2019s Why<\/a><\/div>\n

A look at the 4-hour chart shows the explosive move of the DXY, analogous to the oil price. Like the latter, the DXY has risen rapidly, but was initially rejected at the key resistance level of 103.05. However, if the DXY regains strength at the start of the US session, it is likely to be bad for the broader financial market and Bitcoin.<\/p>\n

\"DXY\"
DXY breaks out of downtrend, 4-hour chart | Source: DXY on TradingView.com<\/a><\/figcaption><\/figure>\n

Bitcoin Pullback Before $35,000?<\/h2>\n

Glassnode co-founders, Yann Alleman and Jan Happel write<\/a> in their latest analysis that if the DXY rises to 107-108 by early April, then Bitcoin can be expected to drop lower. This would also fit Bitcoin’s current setup and Elliott Wave count, which recently broke out of a cup & handle pattern to the upside.<\/p>\n

Related Reading: USD Losing Its Reserve Status? What It Means For Bitcoin<\/a><\/div>\n

According to the two Glassnode co-founders, a pullback to $25,200 would in no way hurt the very bullish setup for Bitcoin. By contrast, Alleman and Happel expect Bitcoin to continue climbing toward $35,000 and “later rise toward $45,000.” First, however, they say a setback is to be expected:<\/p>\n

It would be normal and expected, following a break of the neckline around $25.2k to the upside, that bitcoin retests that level. This will likely be a wave 2 pullback, which may dip as deep (or even deeper) as $24k.<\/strong><\/p><\/blockquote>\n

The reasoning behind this is that the DXY has started a smaller-degree c-wave of the B-wave in the correction since the correction began on March 23. “A bounce in DXY seems to be coming and it may take DXY to 106.8 or even 108.2,” the analysts write, expecting a local high in DXY in mid-April.<\/p>\n

At press time, the Bitcoin price showed strong resilience after the Opec news influenced price drop, climbing above $28,000 again.<\/p>\n

\"Bitcoin
Bitcoin price, 1-hour chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, charts from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price plunged 2.2% at the beginning of the trading session in Asia, but managed to hold the important support at $27,700. However, a breakout of the US Dollar Index (DXY) could mean another pullback for the Bitcoin price in the short-term if the inverse correlation remains high. Triggering the sudden rise in the DXY (and the fall in the BTC price) was the surprise news from OPEC+ on Sunday that members of the oil alliance announced a 1 million barrel cut in oil production. Saudi Arabia, which plans to produce 500,000 barrels per day less, is leading the voluntary initiative. Brent Crude jumped from $75.65 to over $81 earlier today, and is currently trading at $79.71 (as of press time). As a result, the DXY jumped to over 103.0, causing the index to confirm a break out of the downtrend that has been in place since February 7. The reason for this was provided by macro analyst Alex Krueger, who pointed to a quote from Jerome Powell in March 2022. According to this, the rule of thumb is that a $10 increase in oil prices leads to a 0.2% increase in inflation. The rise in oil prices comes at a bad time: the core inflation rate (PCE) proved “sticky” last week, despite falling slightly. In addition, the US Strategic Petroleum Reserve (SPR) is at an all-time low, the banking crisis is far from over, and many experts are predicting a recession later this year based on the inverted yield curve, among other factors. Related Reading: Bitcoin Market Structure Points To New Uptrend, Here\u2019s Why A look at the 4-hour chart shows the explosive move of the DXY, analogous to the oil price. Like the latter, the DXY has risen rapidly, but was initially rejected at the key resistance level of 103.05. However, if the DXY regains strength at the start of the US session, it is likely to be bad for the broader financial market and Bitcoin. Bitcoin Pullback Before $35,000? Glassnode co-founders, Yann Alleman and Jan Happel write in their latest analysis that if the DXY rises to 107-108 by early April, then Bitcoin can be expected to drop lower. This would also fit Bitcoin’s current setup and Elliott Wave count, which recently broke out of a cup & handle pattern to the upside. Related Reading: USD Losing Its Reserve Status? What It Means For Bitcoin According to the two Glassnode co-founders, a pullback to $25,200 would in no way hurt the very bullish setup for Bitcoin. By contrast, Alleman and Happel expect Bitcoin to continue climbing toward $35,000 and “later rise toward $45,000.” First, however, they say a setback is to be expected: It would be normal and expected, following a break of the neckline around $25.2k to the upside, that bitcoin retests that level. This will likely be a wave 2 pullback, which may dip as deep (or even deeper) as $24k. The reasoning behind this is that the DXY has started a smaller-degree c-wave of the B-wave in the correction since the correction began on March 23. “A bounce in DXY seems to be coming and it may take DXY to 106.8 or even 108.2,” the analysts write, expecting a local high in DXY in mid-April. At press time, the Bitcoin price showed strong resilience after the Opec news influenced price drop, climbing above $28,000 again. Featured image from iStock, charts from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":525323,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,79522],"class_list":["post-525317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-dxy"],"acf":[],"yoast_head":"\nBitcoin Back Above $28,000, But DXY Spoils Short-Term Outlook<\/title>\n<meta name=\"description\" content=\"According to Glassnode's co-founders, a pullback of the Bitcoin price to $25,200 is very likely if the DXY continues to rise.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Back Above $28,000, But DXY Spoils Short-Term Outlook","url":"http:\/\/wncen.com\/news\/bitcoin-above-28000-dxy-spoil-short-term-outlook\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-above-28000-dxy-spoil-short-term-outlook\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/iStock-1188004097.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/iStock-1188004097.jpg?fit=1253%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","dxy"],"dateCreated":"2023-04-03T09:10:26Z","datePublished":"2023-04-03T09:10:26Z","dateModified":"2024-06-11T14:34:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Back Above $28,000, But DXY Spoils Short-Term Outlook\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-above-28000-dxy-spoil-short-term-outlook\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-above-28000-dxy-spoil-short-term-outlook\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/iStock-1188004097.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/iStock-1188004097.jpg?fit=1253%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"dxy\"],\"dateCreated\":\"2023-04-03T09:10:26Z\",\"datePublished\":\"2023-04-03T09:10:26Z\",\"dateModified\":\"2024-06-11T14:34:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/iStock-1188004097.jpg?fit=1253%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/525317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=525317"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/525317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/525323"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=525317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=525317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=525317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}