{"id":438886,"date":"2022-04-28T17:25:32","date_gmt":"2022-04-28T14:25:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-rejects-40k-as-us-dollar-strength-hits-20-year-high\/"},"modified":"2022-04-28T17:25:32","modified_gmt":"2022-04-28T14:25:32","slug":"bitcoin-rejects-40k-as-us-dollar-strength-hits-20-year-high","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-rejects-40k-as-us-dollar-strength-hits-20-year-high\/","title":{"rendered":"# Bitcoin rejects $40K as US dollar strength hits 20-year high"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a36071109be3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a36071109be3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-rejects-40k-as-us-dollar-strength-hits-20-year-high\/#%E2%80%9D_Bitcoin_rejects_40K_as_US_dollar_strength_hits_20-year_high_%E2%80%9C\" >&#8221; Bitcoin rejects $40K as US dollar strength hits 20-year high &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-rejects-40k-as-us-dollar-strength-hits-20-year-high\/#DXY_now_in_%E2%80%9Cparabolic_rally%E2%80%9D\" >DXY now in &#8220;parabolic rally&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-rejects-40k-as-us-dollar-strength-hits-20-year-high\/#Analyst_USD_will_crumble_in_upcoming_%E2%80%9Cmajor_currency_crisis%E2%80%9D\" >Analyst: USD will crumble in upcoming &#8220;major currency crisis&#8221;<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_rejects_40K_as_US_dollar_strength_hits_20-year_high_%E2%80%9C\"><\/span>&#8221; Bitcoin rejects $40K as US dollar strength hits 20-year high &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Bitcoin (BTC) made a fresh bid to crack $40,000 on April 28 as Wall Street trading opened to twenty-year highs for U.S. dollar strength.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/f38713ec-4366-416a-97e9-15db8a581bf7.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"DXY_now_in_%E2%80%9Cparabolic_rally%E2%80%9D\"><\/span>DXY now in &#8220;parabolic rally&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0showed BTC\/USD hitting a high of $39,883 on Bitstamp before momentum waned, sending the pair $800 lower hours later.<\/p>\n<p>Traders had predicted what they saw as a relief bounce, with the implication that the subsequent rejection would spark continuation of the downtrend.<\/p>\n<p>On the day, caution was advised.<\/p>\n<p>&#8220;BTC currently consolidating in this falling wedge. In case of a breakout, I&#8217;d be targetting $42 thousand. It&#8217;s good to wait for confirmation first if you decide to take the trade, IMO,&#8221; popular <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> account Daan Crypto Trades <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DaanCrypto\/status\/1519675355472277506\">argued<\/a>.<\/p>\n<p>&#8220;Only a strong break and reclaim of $40.6 thousand would make me look at higher targets,&#8221; fellow trader Crypto Ed <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Ed_NL\/status\/1519575803327090690\">added<\/a>. <\/p>\n<blockquote><p>&#8220;Charts: mostly pointing lower. Liquidity: a squeeze to the upside to hunt the shorts.&#8221;\u00a0<\/p><\/blockquote>\n<p>However, with limited movement on Bitcoin, itself, attention was fully focused on the dollar, which continued to outdo itself as the U.S. dollar currency index (DXY) hit its highest levels since 2002.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/b7315b13-96de-4df4-92f3-ae29f87497b2.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar currency index (DXY) 1-month candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>&#8220;The parabolic rally by DXY does not bode well for risk-on assets like stocks and Bitcoin. Until the rally cools off, playing defense is the way to go,&#8221; commentator Benjamin Cowen <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/intocryptoverse\/status\/1519397032326320128\">warned<\/a>.<\/p>\n<p>Others agreed that DXY was now &#8220;parabolic,&#8221; while trading guru Blockchain Backer saw similarities between the dollar&#8217;s current setup versus other currencies and the period immediately after the March 2020 COVID-19 cross-asset crash.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">U.S. Dollar Currency Index (DXY) is rising and parabolic.<\/p>\n<p>Started peeking at other currencies, and was looking at the Euro vs USD (EURUSD). And realized&#8230; I&#8217;ve seen this before. This was how the bottom looked in the crypto market before the big reversal h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened after C-19. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/M8uxBYZXX0\">pic.twitter.com\/M8uxBYZXX0<\/a><\/p>\n<p>\u2014 Blockchain Backer (@BCBacker) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BCBacker\/status\/1519654399865466880?ref_src=twsrc%5Etfw\">April 28, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A reversal of trajectory for USD should give Bitcoin some relief, the theory goes, with Cointelegraph contributor Micha\u00ebl van de Poppe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1519639191298220033\">forecasting<\/a> it to do &#8220;really well&#8221; in such circumstances.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_USD_will_crumble_in_upcoming_%E2%80%9Cmajor_currency_crisis%E2%80%9D\"><\/span>Analyst: USD will crumble in upcoming &#8220;major currency crisis&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The rampant USD was, meanwhile, sparking concerns about knock-on effects for other economies.<\/p>\n<p><strong><em>Related:\u00a0Ex-BitMEX CEO explains how Bitcoin will have hit $1 million by 2030<\/em><\/strong><\/p>\n<p>Should instability enter the picture, volatility may return to haunt risk assets already at the mercy of central bank anti-inflation policy. Ironically, the spark might be Japan, where the central bank continues to print money.<\/p>\n<p>&#8220;Whichever way Yen goes from here, chaos follows,&#8221; Brent Johnson, CEO of Santiago Capital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SantiagoAuFund\/status\/1519105281594212352\">predicted<\/a> on April 27.\u00a0 <\/p>\n<blockquote><p>&#8220;If capital flows back into Japan &amp; it retraces to the support line, it&#8217;s a rug pull on funds allocated to rest of the globe. If continues to dive it pressures the PBOC to let the Yuan also fall. Neither of these options is good&#8230;&#8221;<\/p><\/blockquote>\n<p>The Japanese yen also traded at twenty-year lows on the day.<\/p>\n<p>&#8220;What do Keynesian investors do in a crisis? They rush into the $ thinking it is safety,&#8221; Alasdair Macleod, head of research for precious metals trading firm Goldmoney, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MacleodFinance\/status\/1519576532896915457\">added<\/a>. <\/p>\n<blockquote><p>&#8220;Nearly all investors and money managers have been brainwashed into thinking this way since the Nixon shock. This morning JPY slide accelerates.&#8221;\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MacleodFinance\/status\/1519576532896915457\/photo\/1\"><\/a><\/p><\/blockquote>\n<p>Macleod saw what he called a &#8220;major currency crisis&#8221; coming, engulfing the dollar&#8217;s strength &#8220;next&#8221; as it followed the fate of the yen, euro and pound sterling.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/f91351b1-5af5-41fa-8aea-b162d363e3ea.png\"><figcaption style=\"text-align: center;\"><em>JPY\/USD 1-month candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-rejects-40k-as-us-dollar-strength-hits-20-year-high\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin rejects $40K as US dollar strength hits 20-year high &#8220; Bitcoin (BTC) made a fresh bid to crack $40,000 on April 28 as Wall Street trading opened to twenty-year highs for U.S. dollar strength. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView DXY now in &#8220;parabolic rally&#8221; Data from Cointelegraph Markets Pro and TradingView\u00a0showed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":438887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvODU5NWI0YTEtMzQwNC00YzliLWEyZjQtODU2NjA4MTdjMzcxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,76153,70551,20618,73785],"class_list":["post-438886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-dollar","tag-inflation","tag-japan","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/438886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=438886"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/438886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/438887"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=438886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=438886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=438886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}