Bitcoin saw a very modest bid Tuesday as the U.S. dollar fell to a new multi-year low following remarks by President Donald Trump.
Speaking to reporters ahead of a planned speech in Iowa, the president said the dollar was doing well and he was not concerned about the greenback’s recent declines.
Already down last week and down sharply on Tuesday, the US dollar index (DXY) fell further following the president’s comments to 95.80, its lowest level in about 4 years.
After stagnating below $88,000 for most of the session, bitcoin rallied to $89,300, up 2.2% over the past 24 hours. Ethereum Ether rebounded above $3,000, up 3.9%.
Amid a pause after its stunning rebound above $5,000 an ounce, gold resumed its rally against the weaker dollar, hitting a new record high of $5,215, up 1.8% for the session.
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BTC rebounds to $95,000?
Although the crypto’s near-term outlook remains contested, some technical analysts see signs of an imminent reversal.
According to Bitcoin Vector, Swissblock’s research service and well-known analyst Willy Woo, a significant bullish divergence is forming between Bitcoin price and its RSI momentum indicator. Similar setups have historically generated returns of around 10%, the team noted.
“We are likely at the genesis of a major bullish reversal,” Bitcoin Vector said. “A return to $95,000 seems likely.”
