• Latest
  • Trending
BTC price rejects at $23K as US dollar declines from fresh 20-year highs

BTC price rejects at $23K as US dollar declines from fresh 20-year highs

June 16, 2022
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

XRP, Shiba Inu, and More: Here are Top 6 Altcoins Priced Below $1 to Watch for Next Bull Run – The Crypto Basic

October 31, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Zodia Custody expands in Hong Kong, receives VASP in Ireland … – Tekedia

October 31, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Why Altcoins and Crypto Stocks Were Flying High Today – The Motley Fool

October 30, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Embracing the crypto evolution: Institutional adaptation and the … – Arabian Business

October 30, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Acala Spikes 5% on Binance's New Altcoin Pairs News — Can ACA … – CCN.com

October 30, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Bitcoin Spark, BNB, and Toncoin: Price Outlook in Upcoming Bull Run – CryptoPotato

October 30, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Crypto Price Today: Bitcoin holds $34,000; Ethereum slips below $1,800; most altcoins up – Business Today

October 30, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

The Next Bull Market Is Approaching: Sparking Opportunities For … – CryptoPotato

October 30, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Crypto Analyst Benjamin Cowen Says Fed Pivot and Altcoin Rallies Won’t Happen Until This Occurs – The Daily Hodl

October 29, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Litecoin Pronóstico del Precio: LTC insinúa una corrección del 15% si se cumplen estas condiciones clave – FXStreet

October 29, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Brazil's USDT adoption soars in 2023, makes up 80% of all crypto transactions – Cointelegraph

October 29, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Can Presales Like Scorpion Casino Token Match the Historic … – NewsWatch

October 29, 2023
Wednesday, July 2, 2025
EGROW ONLINE
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoins
  • ADA
  • Litecoin
  • Dogecoin
  • ICO
  • Ripple
  • Market & Analysis
  • Videos
No Result
View All Result
EGROW ONLINE
No Result
View All Result

BTC price rejects at $23K as US dollar declines from fresh 20-year highs

by admin
June 16, 2022
in Market & Analysis
0


Bitcoin (BTC) ran out of steam near $23,000 on June 16 after the biggest United States key rate hike in nearly thirty years.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Dollar strength wobbles after rate hike news

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs of $22,957 on Bitstamp after the Federal Reserve confirmed a 0.75% hike in June — its largest since 1994.

YOU MAY ALSO LIKE

Bitcoin Is Rallying. Is Crypto Digital Gold Again? – Barron's

SolChicks Token (CHICKS) Remains Neutral%, Outperforms the Crypto Market Friday – InvestorsObserver

Momentum did not last long, however, and at the time of writing, the pair had shed $2,000 to return to $21,000 at the new Wall Street open.

$BTC Did indeed fail to hold the mid range and fell back to the range low which it has held so far.

This range low is my line in the sand if BTC doesn’t want to revisit the lows and possibly test sub $20K levels.

Holding here and we can target the mid range (and higher) again. https://t.co/mFDHX0B57x pic.twitter.com/mEqOoGA9gK

— Daan Crypto Trades (@DaanCrypto) June 16, 2022

Popular trader Crypto Tony eyed the U.S. dollar on the back of the Fed’s decision, with an about-turn in USD strength key to a possible Bitcoin bottom.

The U.S. dollar index (DXY), after spiking to twenty-year highs again after the announcement, began retracing through June 16.

“Coming up to a big resistance zone on the dollar, which if we can reject from here and dump. The Bitcoin bottom may be in soon,” he told Twitter followers.

“However, I am looking for another tap up before the drop, which coincides with another leg down on $BTC so keep an eye on this.”

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

Veteran trader Peter Brandt, well known for his Bitcoin bottom calls, meanwhile said that a retest of $20,000 would spark not a genuine recovery but a “relief rally.”

“Basically, the bear market is nowhere close to over for crypto. Was hoping for a nice rally here but the market may need some more time,” commentator Josh Rager added in part of a tweet. 

EU, Japan cracks show

As U.S. equities opened down after rebounding on the Fed news, concerns around other world economies were just as fresh in the minds of many traders.

Related: These 3 metrics suggest the Bitcoin price crash is not over

The European Union was dealing with a blowout in Italian bonds, while in Japan, currency weakness in the yen was becoming increasingly unnerving.

The idea of yield curve control needs to be retired. #Japan is breaking. pic.twitter.com/P4YL3kBLzS

— Ansel Lindner (@AnselLindner) June 16, 2022

Due to a combination of a strong dollar and ongoing quantitative easing — not tightening — USD/JPY hit its highest since the late 1990s this week.

Both economies’ struggles were covered by Arthur Hayes, former CEO of derivatives platform BitMEX, in blog posts on Bitcoin’s future in recent months. 

For Hayes, the macro turmoil, which would ultimately cement Bitcoin’s status, was already playing out but the pain would precede any form of relief for the largest cryptocurrency and its investors.

USD/JPY 1-month candle chart. Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



Source link

Tags: 20year23KBTCdeclinesDollarfreshHighspriceRejects
ShareTweetPin

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result

Recent News

Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

XRP, Shiba Inu, and More: Here are Top 6 Altcoins Priced Below $1 to Watch for Next Bull Run – The Crypto Basic

October 31, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Zodia Custody expands in Hong Kong, receives VASP in Ireland … – Tekedia

October 31, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Why Altcoins and Crypto Stocks Were Flying High Today – The Motley Fool

October 30, 2023

Recent News

Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

XRP, Shiba Inu, and More: Here are Top 6 Altcoins Priced Below $1 to Watch for Next Bull Run – The Crypto Basic

October 31, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Zodia Custody expands in Hong Kong, receives VASP in Ireland … – Tekedia

October 31, 2023
Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases – Yahoo Finance

Why Altcoins and Crypto Stocks Were Flying High Today – The Motley Fool

October 30, 2023

Categories

  • ADA
  • Altcoins
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Dogecoin
  • Ethereum
  • ICO
  • Litecoin
  • Market & Analysis
  • Ripple
  • Videos

Follow Us

Find Via Tags

Ada Altcoin altcoins analysis Analyst Analytics Big Binance Bitcoin Blockchain BNB BTC Buy Cardano Coin Cointelegraph Crypto cryptocurrencies Cryptocurrency Digital DOGE Dogecoin ETH Ethereum finance Heres Insight Inu investors Litecoin LTC market Network news Prediction price Ripple SEC Shiba Solana Today Token Top week XRP
  • privacy And Policy
  • About Us

© 2020 Egrow Online

No Result
View All Result
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoins
  • ADA
  • Litecoin
  • Dogecoin
  • ICO
  • Ripple
  • Market & Analysis
  • Videos

© 2020 Egrow Online