All articles tagged with #dxy
The U.S. dollar eased on Monday as renewed political tensions and shifting risk sentiment weighed on the greenback, with the DXY around 99.04 after a 0.36% drop, while major currencies such as the euro, pound, yen, and yuan firmed against the dollar amid softer U.S. inflation and regional developments; geopolitical tensions and tariff threats continue to inject volatility into currency markets.
The dollar index (DXY) has fallen below 98 for the first time since early 2022, driven by softer inflation and expectations of a Federal Reserve rate cut, creating a favorable environment for risk assets like Bitcoin to potentially increase in value.
The US Dollar Index (DXY) is caught between the 100 and 200-day moving averages, indicating rangebound trade ahead of the weekend. A catalyst may be needed for a breakout in either direction. EUR/USD and GBP/USD are showing mixed signals, with potential opportunities for long positions if certain support levels hold. GBP/USD has a clear pattern of higher highs and higher lows, with potential for a push towards the 1.2600 handle. Retail traders are indecisive about USD pairs, as shown by the IG Client Sentiment data.
Bitcoin could reach $50,000 this year and $120,000 by the end of next year, according to Standard Chartered. Large investors are increasing their holdings of Bitcoin, while the short-term outlook for the S&P 500 Index and the U.S. Dollar Index depends on second-quarter earnings and inflation data. Bitcoin is struggling to break above $31,000, while Ethereum is facing resistance at the 20-day EMA. BNB is showing signs of reduced selling pressure, while XRP remains below the 20-day EMA. Cardano needs to protect the uptrend line to maintain its bullish pattern, and Dogecoin is facing resistance at the 20-day EMA. Solana is being sold on minor rallies, and Litecoin is attempting to recover above the 20-day EMA.
On-chain analyst Willy Woo predicts that Bitcoin could surge more than 30% from its current value of $30,555 before becoming overbought, with a potential extension of its current rally to cross the $40,000 level. Woo believes that Bitcoin's latest surge was driven by veteran traders accumulating BTC when its price dipped to about $25,000 last week. He also suggests that the Bitcoin market is experiencing a short squeeze, with traders betting big on Bitcoin as they believe that the US dollar index (DXY) is on the verge of a downtrend.
The debt ceiling negotiations in the United States are keeping traders on the edge. Bloomberg’s latest Markets Live Pulse survey indicates that Bitcoin (BTC) could be the third-most preferred asset class behind gold and U.S. Treasurys should the U.S. government fail to prevent a debt default. Billionaire fund manager Paul Tudor Jones told CNBC that he is holding his Bitcoin and will always have some portion of his portfolio in it. The article provides technical analysis for the S&P 500 Index (SPX), U.S. Dollar Index (DXY), Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), XRP, Cardano (ADA), Dogecoin (DOGE), Solana (SOL), and Polygon (MATIC).