Bitcoin got a very modest bid on Tuesday as the US dollar fell to new multi-year lows following remarks by President Donald Trump
Speaking to reporters ahead of a planned speech in Iowa, the president said the dollar is doing well and that he was not concerned about the greenback’s recent decline.
Already falling over the past week and falling sharply again on Tuesday, the US dollar index (DXY) fell further after the president’s comments to 95.80, the weakest level in about 4 years.
After hovering below $88,000 for most of the session, bitcoin rallied to $89,300, up 2.2% over the past 24 hours. Ethereum’s Ether rose above $3,000, higher by 3.9%.
Amidst a lull after its breathtaking rally above $5,000 per ounce, gold resumed its move higher on the weaker dollar, pushing to a new record high of $5,215, up 1.8% for the session.
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BTC Jumps to $95,000?
While crypto’s short-term outlook remains challenged, some technical analysts see signs of an incoming turnaround.
According to Bitcoin Vector, the research service of Swissblock and noted analyst Willy Woo, a significant bullish divergence is forming between bitcoin’s price and its RSI momentum indicator. Similar setups have historically yielded returns of around 10%, the team noted.
“We are likely at the beginning of a major bullish reversal,” Bitcoin Vector said. “A return to $95,000 seems likely.”
