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31 July 2021

Big bullish pattern on US dollar index chart puts Bitcoin at risk of losing $30K

Big bullish pattern on US dollar index chart puts Bitcoin at risk of losing $30K


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Big bullish pattern on US dollar index chart puts Bitcoin at risk of losing $30K.

Dollar traders have kept a close eye on a potentially bullish "inverse head-and-shoulders" pattern building in the U.S.

He noted that despite rising inflation caused by Fed's money printing, global investors had increased their dollar debts, adding:.

James Freeman, the assistant editor at the Wall Street Journal, blamed the Fed's money printing policies for the ongoing inflationary pressure, noting that the dollars in each wallet have been actively losing their value as a result.

However, Powell added that the Fed would alert markets in advance if they ever decided to scale back its purchasing.

But, at the same time, fears that a consistently rising inflation would prompt the central bank to cut rates have also pressured seemingly overvalued assets to lose a portion of their yearlong gains.

Nevertheless, some analysts see a rising dollar as no threat to Bitcoin, believing that investors would keep allocating a portion of their portfolio to the emerging global asset.

An Intertrust survey of hedge fund chief financial officers worldwide also found that they would increase their crypto exposure significantly by 2026

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