Today we are observing a broad rebound in the cryptocurrency market. Interestingly, we are not seeing large movements in the foreign exchange market, primarily in the dollar. Over recent months we have witnessed a return to the correlation between Bitcoin and other asset classes such as Wall Street indices or gold. Despite a weaker day for US100 contracts today, Bitcoin is gaining, which also goes hand in hand with rises in gold. This may be related to the upcoming Fed meeting, which could bring an end to the cycle of interest rate hikes. In the past, Bitcoin benefited from a wave of dollar weakness caused, among other things, by diminishing expectations of a hike. If the Fed is dovish now, there might be a breakthrough of 28,000 and an attempt to test 30,000 USD. Following that, the 32,000 USD level is the highest since May 2022.
Source: xStation 5
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