As the Strength of the U.S. Dollar Rises, Bitcoin Finds It Difficult to

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Gains earned by the bulls to the upside during the announcement of the interest rate were erased as the price fell back to the downside. It’s no news that several important macroeconomic factors have an impact on the price of Bitcoin. This has to do with the fact that bitcoin is typically traded against the dollar.

These macroeconomic indicators include, but are not limited to, Non-Farm Payroll, FOMC and FED news, and Consumer Price Index (CPI). As the price of bitcoin headed down towards $23,000 yesterday, the strength of the U.S. dollar, as measured by the U.S. Dollar Index (DXY), has been making it difficult for BTC to phase out the intensity of the bearish season.

Key Bitcoin Levels To Watch – February 5

Between July and October last year, BTCUSD was descending the crest with respect to a diagonal resistance. Price made a false breakout from the diagonal resistance on October 25, 2022, to grab buy-side liquidity across the previous highs.

Following the return to the bullish order block created on November 21, 2022, the BTCUSD market’s structure was shifted to the upside in accordance with the MA Cross’ signal. According to the Relative Strength Index (RSI), a correction to the downside is needed for the price to resume its uptrend.

Bitcoin Key Levels

Resistance Levels: $48240.00, $32933.30, $28800.00
Support Levels: $21478.80, $15460.00, $12486.60

Total Market Capitalization: $1.07T
Bitcoin Market Capitalization: $445.28B
Bitcoin Volume: $16.86B
Market Rank: #1

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