BTC Fell By $1000 As New COVID Restrictions Boost The Dollar Demand

BTC fell by $1000 recently thanks to the minor rebound in the US dollar prompted BTC to reverse its upward momentum back today so let’s take a closer look at the price analysis in our Bitcoin today’s news.

BTC fell by $1000 and maybe some more during the early morning European sessions which hit an intraday low of $22,430 but it seems that bitcoin’s latest downside move came as a correction to neutralize the overbought conditions. The exchange rate hit $24,300 after rallying up by 127 percent in 10 weeks. In the meantime, the US dollar that usually trades inversely to BTC, tried to rebound from the overbought conditions with the dollar increasing by 0.78% on Monday with the demand in EU surging after the freshly imposed COVID restrictions in the UK.

The country already became host to the new strain of the coronavirus which according to the UK Health Secretary Matt Hancock is about 70% more transmissible than its first type. The new variant however may not pose more danger and it is not vaccine-resistant. The Dollar index is down by 11.80 percent from the mid-March top of 102.99 while BTC increased by 487 percent in the same time. The leading BTC traders believe that the drop happened in the wake of a trading gap on the futures chart.

The BTC futures listed on the Chicago Mercantile Exchange left behind a candle during the weekend with people thinking that the spot rates usually move in the direction of the missing spaces to fill them 9 to 10 times. But with the latest move, spot BTC was trying to fill the gap but there are now more missing candles that require to be filled in the upcoming session. One trader noted that the rising prospects of an increase will likely lead to $18,115.

The US dollar medium-term outlook is quite bearish to the Federal Reserve’s commitment to continue the bond-purchasing program and the US Congress leaders’ decision to pass the $900 billion stimulus to assist the smaller businesses that suffer from the economic consequences of the COVID 19 pandemic. This outlined a decent technical picture for BTC on the lower timeframe charts.
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the crypto’s one hour chart shows the price in consolidation trends even after the latest bearish movement. Konstantin Anisimov who is the executive director of CEX.io said:

 “Given the increasing demand from institutional investors,” adds Konstantin Anisimov, Executive Director at CEX.IO, “who are looking to hedge against inflation, the flagship cryptocurrency could double in price within months after achieving such a milestone which will help it surpass $90,000 by the end of 2021.”