Bitcoin takes liquidity near $17K as US dollar shows weakness pre-CPI
BTC price action targets $17,000 amid gently increasing volatility, with a week to go until U.S. inflation data. Bitcoin (BTC) ranged below $17,000 at the Dec. 8 Wall Street open as the U.S. dollar threatened further weakness. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Dollar dips as stocks see modest upt Data from Cointelegraph Markets Pro and TradingView showed BTC/USD practically flat over the 24 hours to the time of writing. With macro cues lacking, analysts eyed a potential breakdown in U.S. Dollar strength as the next volatility catalyst for crypto and risk assets. The U.S. Dollar index (DXY) looked set to challenge multi-day support, wicking below 105 multiple times on the day. “$DXY’s first time under the 100 day MA since June of ‘21,” Joe Cariasare, co-host of the Inside Bitcoin podcast, noted. U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView Trader and analyst Pierre added that both DXY and the S&P 500 could nonetheless trade sideways unt...