Bitcoin makes the most of declining DXY strength with a trip to $30,700.
Still struggling to flip $30,000 to reliable support, the pair nonetheless avoided a deeper retracement, helping calm fears that last week’sThe U.S. dollar index provided the background to Bitcoin’s relatively solid performance, this coming off two-decade highs to dip 2% in a week.
This appeared to relieve some pressure on stock markets, the S&P 500 finishing May 19 down a more modest 0.58% compared toWhile treading water more than 50% below its all-time highs, the largest cryptocurrency had punished latecomers to the market, one analyst noted. “Today, newbies who joined last year are in -34% loss,” Ki Young Ju, CEO of analytics platform CryptoQuant, wrote in aKi highlighted a chart of bands of unspent transaction outputs showing the age of investments. Those who had only experienced one “bear cycle” before were now down 39%, he concluded, while older coins were still in profit.
“So here's hopium for bears. If $BTC crashed so hard due to the macro crisis and all Bitcoiner institutions go underwater, it could go $14k based on historical MDD,” he added., multiple predictions of a major BTC price retracement, some under $14,000, continue to circulate.Meanwhile, attention focused on Bitcoin’s increasing market presence over altcoins.
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