Bitcoin (BTC<\/a>) found a new focus at just under $20,000 on July 14 as United States dollar strength hammered out yet another two-decade high.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD rebounding from lows sparked by a fresh 40-year high<\/a> for U.S. inflation as per the Consumer Price Index (CPI).<\/p>\n After briefly dipping under $19,000, the pair took a flight above $20,000 before consolidating immediately below that psychologically significant level.<\/p>\n For on-chain analytics resource Material Indicators, it was now \u201cdo or die\u201d for BTC price action when it came to a key rising trendline in place since mid-June.<\/p>\n On the day, that trendline stood at around $19,600, with BTC\/USD now preserving it as support.<\/p>\n Gut check time for #Bitcoin<\/a> bulls fighting for the trend line. #FireCharts<\/a> pic.twitter.com\/AUJmKXClU9<\/a><\/p>\n \u2014 Material Indicators (@MI_Algos) July 13, 2022<\/a><\/p><\/blockquote>\n Significant gains meanwhile looked less likely for crypto markets thanks to the day once more being ruled by the U.S. dollar.\u00a0<\/p>\n After tanking following the CPI print, the U.S. dollar index (DXY) returned with a vengeance to post its highest levels since 2002 \u2014 a phenomenon that had characterized much of the year.<\/p>\n The new peak measured 108.64, an increase of over 1% versus the 24-hour lows.<\/p>\n Beyond the short-term negative impact for Bitcoin and risk assets, USD strength was also bad news for other major world currencies, with the Japanese yen particularly in focus for BTC commentators.<\/p>\n \u201cYen getting battered again today. Bank of Japan frozen in place, waiting for Fed reversal. Until then, they will continue to destroy their currency because they have no other option\u201d popular Twitter account Stack Hodler argued<\/a> on the day:<\/p>\n \u201cBoJ + Yen is a glimpse into the future for ECB + Euro. Are you seeing why Bitcoin matters yet?\u201d<\/p><\/blockquote>\n As Cointelegraph reported, some believe that the Fed will likewise have no choice but to halt inflation-busting interest rate hikes<\/a> toward the end of 2022.<\/p>\n \u201cIn response to today\u2019s CPI print which showed broad-based and accelerating inflation, short-term FF futures moved upward implying peak FF of 3.68% by 12\/22 with the @federalreserve immediately thereafter cutting rates to reach 2.9% by 1\/24,\u201d investor and hedge fund manager Bill Ackman wrote<\/a> in part of a Twitter thread<\/a> in reaction to the CPI data:<\/p>\n \u201cImplicitly the market expects a more\u00a0aggressive Fed will push us into recession by year end and then cut rates in response.\u201d<\/p><\/blockquote>\n Turning to altcoins<\/a>, flat progress over the past 24 hours was no reason to assume prices could not drop more, one analyst warned.<\/p>\n Related:\u00a0How Bitcoin\u2019s strong correlation to stocks could trigger a drop to $8,000<\/a><\/em><\/strong><\/p>\n In fresh updates on the day, Il Capo of Crypto predicted bearish moves for at least two tokens in the top ten cryptocurrencies by market cap.<\/p>\n Ether (ETH<\/a>), for example, was threatening a return to a three-figure price tag.<\/p>\n $ETH<\/a><\/p>\n Testing previous ATH as resistance and forming a corrective move. Bearish.<\/p>\n Clean break below $1k = $600-700 pic.twitter.com\/5qRscCVQ5G<\/a><\/p>\n \u2014 il Capo Of Crypto (@CryptoCapo_) July 14, 2022<\/a><\/p><\/blockquote>\n Cardano (ADA<\/a>) faced an even worse situation after fall through support, which had been tested six times in as many weeks<\/a>.<\/p>\n “Support broken and now tested as resistance. Very bearish,\u201d he commented<\/a>.<\/p>\n Data from research firm Santiment nonetheless shed light on the potential for a possible rebound of an altcoin, which had \u201cdropped harder than most\u201d this year.<\/p>\n #Cardano<\/a>‘s price is down 69% in 2022, and this has caused social sentiment toward the #8 market cap asset to drop harder than most. The last time the crowd was this negative in Jan, $ADA<\/a> rebounded +24% in 5 days until sentiment turned positive again. https:\/\/t.co\/4BLpLNDraG<\/a> pic.twitter.com\/mJgnhtpB1V<\/a><\/p>\n \u2014 Santiment (@santimentfeed) July 13, 2022<\/a><\/p><\/blockquote>\n 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.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/b437f263-51e1-4900-89bb-a5145a47e0c6.png\")
DXY moves bring yen, euro into focus<\/h2>\n
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Little belief in an altcoin rebirth<\/h2>\n
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