Today I read an article that I found very interesting and that probably for many will have some use for their trading strategies, the mentioned article was uploaded to the Cointelegraph portal Nancy Lubale about the dollar and GBTC sales put BTC's recovery at risk.
According to Lubale, "Traders are feeling the impact of the current Bitcoin price drop, as the recently launched BTC ETFs failed to produce the expected price increase. In addition to the ongoing GBTC sell-off affecting the price, market participants now face another problem: a stronger U.S. dollar."
It should be noted that, "The U.S. Dollar Index (DXY), which tracks the greenback's performance against a variety of major foreign currencies, is up 2.71% from its Dec. 27 low of 100.617, buoyed by encouraging U.S. economic data"
One piece of information that caught my attention and deserves its respective analysis is that, "The dollar's recovery has also been attributed to a rally in U.S. yields across the curve in response to declining bets that the Federal Reserve (Fed) is likely to start cutting interest rates as soon as March."
In this regard it is to be noted that, "Large GBTC outflows impact the price of BTC, this because, since the launch of bitcoin ETFs on January 11, massive outflows from the Grayscale Bitcoin Trust (GBTC) have been observed. As a result, Grayscale has liquidated a large amount of bitcoin as part of its GBTC holdings. Nearly 38,000 BTC have exited GBTC since it became a bitcoin ETF on January 11."
SOURCES CONSULTED
Cointelegraph. Bitcoin price recovery at risk due to DXY strength, GBTC selling. Link
OBSERVATION:
The cover image does not belong to the author: 
, the image was taken from: Cointelegraph
, the image was taken from: Cointelegraph 
