Bitcoin dips below $47K as US dollar surge dampens BTC price performance

Bitcoin
(BTC)
crisscrossed
$47,000
on
Jan.
3
as
the
first
Wall
Street
trading
days
of
2022
got
off
to
a
modest
start.


BTC/USD
1-hour
candle
chart
(Bitstamp).
Source:
TradingView

Ethereum
steals
the
limelight

Data
from

Cointelegraph
Markets
Pro

and

TradingView

showed
BTC/USD
acting
in
a
narrow
range
as
the
week
began,
with
traders
split
over
short-term
outcomes.

“It’s
just
a
matter
of
time
before
BTC
breaks
out,
and
the
longer
it
takes
the
harder
it
will
pump,”
popular
Twitter
account
Galaxy

summarized
.

“Q1
is
up
only.
You
heard
it
here
first.”

Such
optimism
was
far
from
universal,
however.
For
Cointelegraph
contributor
Michaël
van
de
Poppe,
the
time
had
come
to
look
closer
at
altcoins
than
BTC.

“Good
bounce
from
Ethereum
and
I
think
this
one
is
bottomed,”
he

said

about
the
state
of
ETH/USD
Monday.

“Still
need
additional
confirmation,
but
shows
more
strength
than
Bitcoin
at
this
point.
Ultimate
confirmation
above
$4,100.”

ETH/USD
was
up
over
2%
in
24
hours
at
the
time
of
writing,
with
BTC/USD
conversely
showing
no
inclination
to
tackle
even
daily
highs.


ETH/USD
1-hour
candle
chart
(Bitstamp).
Source:
TradingView

On
macro
markets,
the
S&P
500
was
up
a
touch
at
the
Wall
Street
open,
amid
predictions
that
the
first
half
of
the
year
would
be
a
further
boon
for
equities
across
the
board
thanks
to
the
prospect
of
key
interest
rate
hikes.

The
U.S.
dollar,
meanwhile,
saw
a
sudden
boost
Monday,
with
the
U.S.
dollar
currency
index
(DXY)
rapidly
gaining

as
is
customary,
to
Bitcoin’s
detriment.


U.S.
dollar
currency
index
(DXY)
1-hour
candle
chart.
Source:
TradingView

Never
mind
the
bearish
divergence

Among
Bitcoin-focused
analysts,
meanwhile,
TechDev
led
calls
to
quash
bearishness,
arguing
that
on-chain
indicators
do
not
support
a
bearish
thesis.



Related: 
New
year,
same
‘extreme
fear’

5
things
to
watch
in
Bitcoin
this
week

Concerns
about
both
the
relative
strength
index
(RSI)
and
moving
average
convergence/
divergence
(MACD)
pale
in
comparison
to
more
fundamental
indicators
still
yet
to
print
a
bearish
outlook,
he
said
at
the
weekend.

With
conviction
remaining
high
and
selling
declining,
TechDev
was
in
good
company.

“In
case
no-one
noticed,
we
have
come
a
long
way
from
nerdy
retail
HODL’ers
being
the
buyers
of
last
resort,”
entrepreneur
Alistair
Milne

added
.

“We
now
have
billionaires,
multinationals
and
countries
waiting
to
buy
the
dips.
Whoever
is
taking
the
other
side
of
the
trade
needs
their
head
examined
IMO.” 

A

fresh
influx

of
institutional
interest
is
considered
by
some
to
be
ready
to
begin
this
month.

read original article here