Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Slips to $65K Amid Stronger Dollar

Bitcoin Slips to $65K Amid Stronger Dollar

Bitget2024/03/22 07:04
By:Bitget
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.
Bitcoin Slips to $65K Amid Stronger Dollar image 0

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%)
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Crypto Whales Bought These Coins in the Second Week of March 2025

Crypto whales have been active in accumulating BTC, PEPE, and ENS this week, signaling potential price movements despite recent market fluctuations.

BeInCrypto2025/03/14 12:30

James Howells Loses Appeal to Dig Up Landfill for $675 Million Bitcoin Hard Drive

James Howells has faced years of legal setbacks in his attempt to recover 8,000 lost Bitcoins from a Newport landfill. Despite offering millions, he now plans to approach the European Court of Human Rights.

BeInCrypto2025/03/14 12:14

This Week In Crypto: Pi Network Mainnet Migration, XRP Commodity Rumors, Binance Traffic, and More

This week in crypto, Pi Network faces criticism over migration issues, Bitcoin resurfaces in dark web activity, and XRP’s potential reclassification as a commodity sparks debate on regulatory impact.

BeInCrypto2025/03/14 09:30