Price analysis 4/27: BTC, ETH, BNB, XRP, SOL, LUNA, ADA, AVAX, DOGE, DOT
2022.04.28 00:47
Price analysis 4/27: BTC, ETH, BNB, XRP, SOL, LUNA, ADA, AVAX, DOGE, DOT
The U.S. dollar index (DXY) has risen above the highs created in March 2020 and may next challenge the multi-year highs set in January 2017. Bitcoin’s (BTC) price action is generally inversely connected to DXY. Therefore, unless the dollar reverses its sharp uptrend, a strong recovery in Bitcoin may be difficult.
Although Bitcoin has not confirmed a bottom, institutional investors seem to have started their purchases at lower levels. Canada’s Purpose Bitcoin exchange-traded fund added 1,132 BTC to its holdings, according to data analytics platform Coinglass. Behavior analytics resource Santiment also suggested that the crowd’s interest in buying the dip hit a six-week high.
BTC/USDT daily chart. Source: TradingView
