BTC price decreased to $65K against the background of the strengthening of the US dollar

Mar 22, 2024
The Bitcoin price dropped to 5% on Thursday and reached the $65K mark. At the same time, the US dollar recovered against the background of a reduction in the interest rate by the Swiss central bank. According to the Swissblock analyst, the largest cryptocurrency completed the correction, bouncing back from $60K on Wednesday and aiming for higher levels.

On Thursday, BTC lost 5% of its value amid the strengthening of the USD, falling from $68K to $64K. The native token of the Ripple payment network XRP, the cryptocurrency of the decentralized Filecoin FIL data storage platform and the Internet Computer ICP token have increased by 6-7% over the past 24 hours. The native tokens of the Layer1 Solana, Avalanche and Aptos networks lost 2%-3% in price over the same period.

The weak price movement of BTC is attributed to the recovery of the USD after the Swiss central bank unexpectedly cut interest rates by 25 basis points.

Macro analyst Michael Kao said many market participants expected other key central banks to start cutting interest rates ahead of the Federal Reserve. In this regard, the dollar has put pressure on digital assets.

According to the Swissblock analytical company, Bitcoin has completed a rollback. Swissblock analyst Henrik Zeberg noted that higher levels are approaching altcoins and BTC miners at the next stage of the uptrend will work well.

Crypto trader Jelle noted that the bottom of the correction will be reached until BTC holds at $65 thousand. Bitcoin can consolidate in the current price range for some time and it needs to overcome the price level of $69 thousand to resume the rally to higher prices.