The dollar has been heavily shorted in the past few months and may see a short squeeze, putting pressure on $BTC, $ETH, according to QCPCapital. Reports godbole17.
The top two cryptocurrencies by market value, bitcoin and ether have rallied 70% and 56% this year, outshining traditional risk assets by a significant margin.
"The biggest obstacle for crypto remains the USD - where we think the market is heavily positioned to the short side and vulnerable to a short squeeze, which could take BTC/ETH and Gold lower in response," QCP's markets insights team said in a note shared with CoinDesk. Shorting refers to taking bearish bets on an asset's price. A short squeeze occurs when the heavily shorted asset moves higher, forcing bears with open short positions to buy back the asset to cover losses. That, in turn, adds to upward pressure on prices.
"Looking at the Fed pricing, you can certainly say the pivot is fully priced in. It is the U.S. banking crisis/debt ceiling/recession that is the beta for the USD from here. We believe that the 12% drop in the USD is pricing in the more pessimistic scenarios on these three and which we believe make it ripe for a short-term squeeze," QCP's team told CoinDesk.
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