Bitcoin price struggles to find footing above $27,000, but JLabsJanitor says BTC whales are counter-trading US dollar $DYX strength.
As the summer season arrives, an unexpected heatwave is gripping financial markets
Notice how, Bitcoin’s 2023’s performance has been propelled by a downward dollar. Not coincidentally, DXY reached its year-to-date low near 100.80 on April 13, nearly the exact date BTC reached its year-to-date high of just over $31,000. Since then, however, both have been trending in opposite directions.Feelings of unease over what sort of summer could be in store for markets should the dollar’s uptrend continue are certainly justified at present.
Let’s take a look at them to see what’s been driving DXY’s recent strength, and zoom in on a notable segment of the market who has remained un-phased by Uncle Sam’s recent resurgence.Back in March, similar to now, plummeting federal funds futures were the primary driver of DXY’s strength. To track this leading indicator, traders follow the federal funds futures ticker . The chart can be a bit intricate, with 100 representing zero interest rate expectations, and each 0.10 increment below indicating a 10 basis point rate hike.
Notably, these federal funds futures made a strong surge on the afternoon of Wednesday May 31 when they rose over 10 basis points from the lows.
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