Bitcoin (BTC<\/a>) headed toward $23,000 on Feb. 3, after a night of losses erased bulls\u2019 latest progress.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hitting lows of $23,329 on Bitstamp.<\/p>\n The pair had come off a second trip above the $24,000 mark at the Feb. 2 Wall Street open, with buyers failing to sustain momentum amid macro market volatility.<\/p>\n In classic style for interest rate announcements<\/a> by the United States Federal Reserve, an initial move was soon countered, with Bitcoin returning to its prior position.<\/p>\n Conditions worsened thanks to a rebound in U.S. dollar strength, with the U.S. Dollar Index (DXY) putting in a conspicuous bounce, which began to consolidate on the day. <\/p>\n \u201cOnce the DXY dollar finds support and begins to bounce hard, then we will see pullbacks on our Crypto bags,\u201d popular trader Crypto Tony warned<\/a>. <\/p>\n \u201cTime to pay attention.\u201d<\/p><\/blockquote>\n Cointelegraph contributor Micha\u00ebl van de Poppe\u00a0eyed<\/a> a level of 102 for DXY to spark inversely-correlated drops across risk assets.<\/p>\n \u201cI do expect it\u2019s likely DXY will retest what was support and now overhead resistance,\u201d Matthew Dixon, founder and CEO of crypto rating platform Evai, continued<\/a> in his own analysis. <\/p>\n \u201cThis would align with my inverse expectation on Btc and Crypto moving down a touch before a final \u2018blowoff\u2019 high (not much higher imo).\u201d<\/p><\/blockquote>\n Macro-induced price pressure could linger through February, some believe.<\/p>\n Related:\u00a0Bitcoin bulls must reclaim these 2 levels as \u2018death cross\u2019 still looms<\/a><\/em><\/strong><\/p>\n In its latest market update sent to Telegram channel subscribers, trading firm QCP Capital drew particular attention to the next U.S. Consumer Price Index (CPI) print, set for release on Feb. 14.<\/p>\n \u201cPost-FOMC, we have a heap of 2nd tier data releases including the important ISM services and NFP. However the decider will be the Valentine’s Day CPI – and we think there are upside risks to that release,\u201d it stated.<\/p>\n \u201cFirstly, the Cleveland Fed\u2019s inflation Nowcast is showing >0.6% print for Jan, even if it has overstated inflation the past few months.\u201d<\/p><\/blockquote>\n Due to a change in the way CPI is calibrated, QCP suspected that forthcoming numbers in 2023 could be higher than the market expects. Whether psychological or not, the net impact could disappoint crypto bulls.<\/p>\n \u201cIn Europe, a similar reweight has led to a surge in the January CPI released this week. Hence, we expect downside risks to materialize from here – either at this meeting, or after the next CPI release,\u201d QCP added.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/7e544467-29f6-4160-b2ac-721ab02b81a7.png\")
Dollar rebound halts crypto party<\/h2>\n
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CPI presents fresh worry<\/h2>\n
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