Dollar at crucial level, oversold Bitcoin finds support and Sam Bankman-Fried plans all-telling interview

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Last Updated on 25 November 2022 by CryptoTips.eu

Jeroen Kok

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As we mentioned a few times this year, the best trade was probably the US dollar index (DXY). However, as investors take profits before the year is over and other global central banks raise interest rates, the dollar index is falling to a crucial point. Meanwhile, Bitcoin finds support and moves higher again.

Lastly, FTX founder Sam-Bankman Fried schedules an interview.

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Oversold

Bitcoin briefly touched the support line between $15,000 and $16,000 on Wednesday before moving back higher. Volume is likely to be lower in the coming days as US markets are closed for Thanksgiving.

Vijay Ayyar, vice president at crypto exchange Luno said:

We’re bouncing off a support level, which is quite expected, since we’ve been quite oversold over the past week or two.

However, this move doesn’t indicate any bullishness yet … We could be seeing a bearish bounce here, looking at resistance around $17K, before further downside targeting $14K.

Much will depend on what happens to the US dollar index (DXY) as it is very close to its 200-day moving average.

The dollar moved up smoothly throughout the year and has a very high negative correlation to Bitcoin. In other words, if the dollar drops through a support line as investors take profits, this could be very good news for Bitcoin in the closing weeks of the year.

Bankman-Fried is back

Also remarkable to see was that we saw another sign of life from Sam Bankman-Fried. The former CEO of FTX will give an interview to Andrew Ross Sorkin on November 30.

Ross Sorkin is a strange choice since the financial author previously wrote a book about the credit crisis of 2008, which was subsequently also turned into a movie. Will there be a movie about SBF after all?

spaxiax / Depositphotos.com