It’s been a hectic week for the crypto market, and while some might see it as an opportunity to buy the dip, it’s not clear it reached the bottom floor yet.
) and altcoin prices, plus the panic selling that took place after stablecoins lost their peg to the U.S. dollar.
According to a recent report from Delphi Digital, the 14-month RSI for the DXY has now “crossed above 70 for the first time since its late 2014 to 2016 run up.”This is notable because 11 out of the 14 instances where this previously occurred “led to a stronger dollar ~78% of the time over the following 12 months,” which points to the possibility that the pain for assets could get worse.
“Assuming the correlation between the DXY and BTC remains relatively strong, this would not be welcoming news for the crypto market.”Taking a bigger picture approach, BTC is now retesting its 200-week exponential moving average near $26,990, which has “historically served as a key area for price bottoms” according to Delphi Digital.
A word of caution was offered by Delphi Digital, however, which noted that “the best opportunities or"deals" in the market are not around for long.”
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