Bitcoin Holds Above 200-Week Average as Dollar Index Rallies Most Since February

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Analysts expect the U.S. dollar to continue gaining ground in the near-term, keeping risk assets under pressure. U.S. dollar surged against the basket of fiat currencies last week, putting pressure on risk assets, including bitcoin (BTC). The leading cryptocurrency, however, held on to key support in a positive sign for the market.

The dollar index, which gauges the greenback’s performance against fiat currencies, rose by over 1.3%, registering the biggest single-week percentage gain since February, data from charting platform TradingView show.

Bitcoin fell by 5.8%, living up to its reputation of being negatively correlated to the greenback. However, sellers failed to establish a foothold under the 200-week simple moving average, a widely-tracked technical line that capped the upside in February.

“By defending this key average, the bulls have convinced the market of the sustainability of the long-term bullish trend,” Alex Kuptsikevich, senior market analyst at the FX Pro, said in an email. Per Kuptsikevich, the cryptocurrency must top $28,500 to bring in cautious buyers waiting on the sidelines for stronger evidence of an end of the price pullback. At press time, bitcoin changed hands near $27,400, up 1.4% on the day, having hit a high above $31,000 last month.

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