The US dollar index (DXY) is experiencing one of its largest weekly declines since 2013, fuelling optimism for a potential rally among risk-on assets, including Bitcoin (BTC). The last time the DXY saw such a sharp pullback was during the height of the FTX fiasco in November 2022, which coincided with a Bitcoin bottom.
Bitcoin price failed again to clear the $53,000 resistance. BTC is now back below $52,000 and there are chances of a downside break below the $50,500 support.
Ethereum price spiked above the $3,000 resistance before the bears appeared. ETH is correcting gains, but dips might be limited below the $2,865 support.