Bitcoin Slips to $65K Amid Stronger Dollar

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Bitget2024/03/22 07:04

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Bitcoin (BTC) slid lower Thursday amid a stronger U.S. dollar, giving up some of the advances from Wednesday's spectacular bounce spurred by a dovish tone from the Federal Reserve. Bitcoin's weak price action was perhaps due to the resurging U.S. dollar since market participants expected that some other key central banks could start lowering interest rates before the Federal Reserve. For example, the Swiss central bank, in a surprise move, cut interest rates by 25 basis points, erasing all of Wednesday's steep drop when Fed Chair Jerome Powell hit a dovish tone despite higher-than-expected inflation readings. The U.S. dollar index (DXY), which measures the U.S. dollar's strength against other major currencies and a stronger dollar usually weighs on asset prices.

BTC dropped some 5% to as low as $64,600 by late afternoon UTC hours from above $68,000 at the start of the day. Meanwhile, altcoins generally outperformed bitcoin during the day: payment network Ripple's native asset ( XRP), decentralized data storage platform Filecoin's crypto (FIL) and the Internet Computer's token (ICP)advanced 6%-7% over the past 24 hours.

Traders say bottom for the correction is in until BTC holds the $65,000 level and that it could consolidate for a while in the current price range and needs to break above the $69,000 price level – the market cycle peak in 2021 – to reignite its rally to higher prices.

Futures Market Updates

In the last 24 hours, Bitcoin and Ethereum are among the only markets with more long positions than short.

Bitcoin Futures Updates

Total BTC Open Interest: $35.12B (-3.96%)

BTC Volume (24H): $85.28B (-34.85%)

BTC Liquidations (24H): $32.91M (Long)/$18.19M (Short)

Long/Short Ratio: 50.21%/49.79%

Funding Rate: 0.0090%

Ether Futures Updates

Total ETH Open Interest: $13.02B (-2.22%)

ETH Volume (24H): $42.62B (-43.09%)

ETH Liquidations (24H): $21.01M (Long)/$21.65M (Short)

Long/Short Ratio: 50.99%/49.01%

Funding Rate: 0.0181%

Top 3 OI Surges

RSR: $52.15M (+138.76%)

CETUS: $12.19M (+76.20%)

TUSD: $13.15K (+67.80%)

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