Today, the first cryptocurrency is undergoing a downward correction, with prices currently falling even to the $58,000 support zone. The US dollar is rising and the USDIDX today reaches its highest values since November 2023 ahead of the daily FOMC decision (20:00 ) and Fed Chairman Powell’s speech (12:30 ). Today, Bitcoin noticeably reached a level not married since the end of November 2024. The reason is that the demand from American ETFs is still very weak (certain outflow) and the debut of Hong Kong ETFs was disappointing. The price of BTC thus fell below the main on-chain support level to USD 59,500, where the average realized price of short-term holders is found. In the early days of Bitcoin, this on-chain knowledge was probably a very important support. At the same time,
Source: xStation5
Bitcoin vs USDIDX
The USDIDX is trading at its highest level since November 2023 and continues to rise ahead of the FOMC day. History shows that a strengthening US dollar and 10Yr yields pressure risk assets such as stocks and crypto.
Source: xStation5
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