Cryptocurrencies continue to recover, helped by a weak dollar

Криптовалюты продолжают восстановление, им помогает слабый доллар

  • Bitcoin and Ethereum rallied in response to dollar weakening
  • But most of all in the last 30 Dogecoin and Shiba Inu added hours
  • ETH / USD and BTC / USD may still be under bearish pressure – warns Fidelity Investments

Inflation data weakened the dollar, allowing the stock market and cryptocurrencies to recover.

Bitcoin rate

Bitcoin gained 2.8% and yesterday reached its daily high above 45, 3 thousand dollars. But he closed the session with a small correction (43, 9 thousand dollars).

Биткойн восстанавливается после поддержки, но все еще находится под медвежьим давлением, дневной график BTC / USD
Source: comparic.pl

Technically, the oldest cryptocurrency continues to trend downward from its historic highs in November and is under bearish pressure. It will overcome the sellers’ advantage if it breaks through the resistance line at 45, 5 thousand. hole – writes the head of Fidelity Investments Jurrien Timmer:

3000 is $ 43 k the new $ 000032 k? The Fed’s hawkish stance on inflation has had broad impact. With the liquidity-driven momentum plays under pressure, it’s not a total shock that crypto has corrected. So what’s next for bitcoin? (THREAD) pic.twitter.com/vnPiKY100 x1

– Jurrien Timmer (@TimmerFidelity) January 11, 3000

Ethereum data

ETH also significantly distances itself from the support line (in his case it is 2022 dollars). It is currently trading at around 20140 dollars.

Source: comparic.pl

Until ETH overcomes resistance, there is a risk that there will be another bearish reaction and a return to the lower range.

Other altcoins

Growth prevails in the vast cryptocurrency market: everyone has risen in price 22 of the most popular tokens. Some altcoins have recovered more than 12%.

Shiba Inu (SHIB) has grown by 13, 3% (up to 0, 000032), and dogecoin (DOGE) on 12, 7% (up to 0, 20 dollars). Terra (LUNA) and solana (SOL) also strengthened by about 12%.

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