Bitcoin The U.S. dollar fell to fresh multi-year lows on Tuesday following President Donald Trump’s speech, with buying prices very modest
The president told reporters ahead of a speech in Iowa that the dollar was doing well and that he was not concerned about its recent decline.
The U.S. dollar index (DXY), which has already fallen over the past week, fell sharply again on Tuesday, falling further to 95.80, its lowest level in about four years, following the president’s comments.
Bitcoin hovered below $88,000 for most of the trading day before rising to $89,300, up 2.2% in the past 24 hours. Ethereum’s Ethereum It rebounded above $3,000, up 3.9%.
After a stunning rally above $5,000 an ounce, gold prices resumed higher during the pause as the dollar weakened, hitting a new record of $5,215, up 1.8% on the day.
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BTC rebounds to $95,000?
While the short-term outlook for cryptocurrencies remains challenging, some technical analysts see signs of an imminent reversal.
Swissblock and renowned analyst Willy Woo’s research service Bitcoin Vector say a significant bullish divergence is forming between Bitcoin price and its RSI momentum indicator. The team noted that similar setups have historically produced returns of around 10%.
“We may be at the beginning of a major bullish reversal,” Bitcoin Vector said. “A return to $95,000 looks likely.”
