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Will Bitcoin’s rally sustain? DXY, SPX, GC and WTI could have the answer

Published 09/09/2022, 01:43 PM
Updated 09/10/2022, 04:00 PM
Will Bitcoin’s rally sustain? DXY, SPX, GC and WTI could have the answer
DX
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BTC/USD
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Federal Reserve Chairman Jerome Powell said in a question and answer session hosted by the Cato Institute on Sept. 8 that the central bank will continue to hike rates until inflation is under control. However, these comments did not rattle the markets as much as most would have anticipated, indicating that traders might have already factored in a 75 basis point rate hike in the Fed’s next meeting on Sept. 20–21.

Bitcoin has been strongly correlated with the S&P 500 and inversely correlated with the United States dollar index (DXY) for the past several weeks. With the DXY cooling off after hitting a two-decade high, risky assets have been attempting a recovery.

Crypto market data daily view. Source: Coin360
BTC/USDT daily chart. Source: TradingView
BTC/USDT 4-hour chart. Source: TradingView
DXY daily chart. Source: TradingView
DXY 4-hour chart. Source: TradingView
SPX daily chart. Source: TradingView
SPX 4-hour chart. Source: TradingView
GC daily chart. Source: TradingView
GC 4-hour chart. Source: TradingView
CL daily chart. Source: TradingView
CL 4-hour chart. Source: TradingView

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