After ending last week on a bullish note, the Dollar is once again at 92.500. Meanwhile, Bitcoin is under severe pressure as bears look to push below $44,000.
The US Dollar Index printed a hammer on the daily timeframe for Friday. However, over the weekend price turned lower after rejecting a key zone near 92.750. At the moment, the price is resting at 92.500. Bullish price action at this level should take the price back to 92.750. A break of this level could take the price to 92.000.
After some signs of bullishness on Friday, Bitcoin bears have regained control of the price and are eager to break support at $44,000. Traders can expect bulls to attempt a rally at this level but longs will definitely be against the trend. Traders should keep an eye out for shorts if the price can close below $44,000 on the daily time frame.
Tomorrow’s US CPI (inflation metric) is set to be bearish as the forecast is 0.4% versus the previous result of 0.5%. If this result holds, traders can expect further bearishness for the Dollar heading into the midweek.
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