'Very small chance' BTC price could hit $24K, says trader as US dollar cools

cointelegraph.com:

Bitcoin (BTC) fought to reclaim $20,000 on the July 12 Wall Street open as the U.S. dollar cooled its surge to new two-decade highs.

Data from Cointelegraph Markets Pro and TradingView revealed a tug-of-war between buyers and sellers following seven-day lows for BTC/USD.

The intraday losses had come at the hands of a rampant U.S. Dollar Index (DXY), which hit its highest levels since October 2002 at risk assets' expense thanks to inverse correlation.

A subsequent pause gave U.S. equities room to breathe, with both the S&P 500 and Nasdaq stemming losses on the day. 

Good to note how quickly risk assets tend to move up when $DXY even goes down the slightest amount.Way more responsive to DXY’s downside than it’s upside.When DXY does cool down we’re due for some solid bounces I reckon.

With the July 13 Consumer Price Index (CPI) print in focus, however, optimism around crypto on shorter timeframes was barely perceptible.

For popular trader and analyst Crypto Ed, there was "more pain to come" for both BTC and stocks.

"There is a very small chance that we see a double correction towards $24,000 or $25,000," he forecast in a fresh video update, analyzing potential Elliott Wave moves after Bitcoin's spike to $22,400 last week.

The chances of significant relief were "small," however, with the option of "nuking down" also on the table. 

For on-chain analytics firm Glassnode, meanwhile, there were already signs from the market that Bitcoin could be in the latter part of its bear cycle.

Related: US inflation data will be ‘messy’ — 5 things to know in Bitcoin this week

In the latest edition of its weekly newsletter, "The Week On-Chain," analysts argued that long-term holders — those least likely to capitulate — were under "remarkable pressure"