Price analysis 2/6: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT
The US dollar’s rise has put brakes on Bitcoin’s price recovery, but lower levels are likely to attract buyers for BTC and altcoins such as DOGE. The United States dollar index (DXY) has started a strong recovery and its rise is putting pressure on Bitcoin (BTC) and the S&P 500 (SPX) index. The market participants will be keenly watching for any insights on future rate hikes when the Federal Reserve Chairman Jerome Powell speaks before the Economic Club of Washington on Feb. 7. Meanwhile, Bitcoin’s 43% rebound in January has improved sentiment among small investors. Crypto analytics firm Santiment said that the number of Bitcoin addresses holding 0.1 Bitcoin or less soared by 620,000 to hit 39.8 million, the highest level since Nov. 19. Daily cryptocurrency market performance. Source: Coin360 With the sentiment turning positive, traders usually buy the dips as they anticipate the uptrend to continue. However, some analysts believe that the dip buyers will get trapped and Bitcoin m...