The BTC/USD remained in a tight range on Monday as cryptocurrencies recoiled.
Bitcoin was trading at about $19,600, where it has been in the past few weeks. The price is substantially below its all-time high of nearly 70,000.Bitcoin and other cryptocurrencies came under intense pressure as the dollar strength continued. The dollar index, which tracks the performance of the greenback against other cryptocurrencies, soared to the highest level in over 20 years.
The strength of the US dollar is mostly because of the extremely hawkish Federal Reserve and the overall move from risk assets. Indeed, American stocks have pulled back sharply in the past few sessions while Treasury yields have continued rising. The yield of the 10-year government bond rose to 3.45% while the 30-year rose to 3.52%.. This merge helped to transition the second biggest cryptocurrency in the world from a proof of work network to a proof of stake platform that is substantially more climate-friendly. Therefore, cryptocurrencies wavered after the merge as investors sold the fact.
The BTC/USD pair has also struggled as investors focus on Federal Reserve's policies. The Fed has decided to embrace an extremely hawkish policy as it continues battling soaring inflation. Data published this month showed that the USTherefore, analysts believe that the Fed will sound extremely hawkish when it meets this week. Some analysts expect that it will deliver a jumbo hike of 100 basis points. Others expect that it will hike by 0.75% for the third straight meeting.
. The pair has also formed a bearish flag pattern that is shown in black. At the same time, the RSI has moved close to the oversold level.breakout as sellers target the next key support level at 18,500. A move above the resistance at 20,500 will invalidate the bearish view.
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