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The US Dollar Index (DXY) plunged below the 98 level on April 21, falling to a three-year low. That catapulted gold to a new all-time high, and Bitcoin (BTC) also showed strength, rising above $88,000.  BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes believes it may be the “last chance” to buy Bitcoin below $100,000. Hayes expects the Federal Reserve to announce US Treasury buybacks, which will act as a “Bazooka” for Bitcoin’s price trajectory. Daily cryptocurrency market performance. Source: Coin360 The whales seem ready for the move higher, as they have been accumulating in March and April. According to Glassnode data, the number of wallets holding more than 1,000 Bitcoin increased from 2,037 in late February to 2,107 on April 15. Could Bitcoin bulls sustain the higher levels, triggering a rally toward $100,000? Will the altcoins follow? Let’s analyze the charts to find out. S&P 500 Index price analysis The S&P 500 Index (SPX) recovery hit a wall at the 20-day exponential moving average (5,399) on April 14. SPX daily chart. Source: Cointelegraph/TradingView The 5,119 level is the critical support to watch out for on the downside. If this level gets taken out, the index could plummet to 4,950. The bulls are expected to vigorously defend the zone between 4,950 and 4,835. Instead, if the price rebounds off 5,119, it signals that the bulls are trying to form a higher low. The index could then oscillate between 5,119 and 5,500 for a while. Buyers will have to drive the price above 5,500 to signal that the correction may be over. US Dollar Index price analysis The US Dollar Index resumed its downtrend on April 21, indicating that the bears remain in charge. DXY daily chart. Source: Cointelegraph/TradingView The index could collapse to 97.50, which could act as strong…

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Filed under: News - @ April 22, 2025 1:14 am