Bitcoin Price Rally Hits a Wall at $90K Resistance While FX Traders Back the Dollar Bull Run

All we would say here is not to fight this emerging dollar uptrend, ING said.

Bitcoin (BTC) price rally paused at the $90,000 resistance level as foreign-exchange traders bet on a further rally in the dollar index.

All we would say here is not to fight this emerging dollar uptrend, ING said.

Uptober Forming Amid Rising Stablecoin Liquidity, Bitcoin Transactions Continue

Bitcoin (BTC) price rally paused at a key resistance level on Tuesday as traders in the forex market bet on a further rally in the dollar index.

A day after hitting a new all-time high of $92,400, bitcoin price encountered selling pressure at the $90,000 resistance level, which CoinDesk earlier identified as a critical juncture for the cryptocurrency.

From the $90,000 level, BTC price briefly dropped to $85,000, according to CoinDesk data.

However, the selling pressure at the $90,000 resistance appeared short-lived as BTC price quickly recovered losses to trade above the key level on Tuesday.

Bitcoin price now trades up over 150% year-to-date and at its highest level since April.

Both BTC and USD, part of the so-called “Trump trades,” have surged since Donald Trump's victory in the U.S. election held a week ago. The DXY has risen by 2.7% to 106.78, hitting a six-month high, according to TradingView.

FX traders bet on dollar bull run

While bitcoin price rallied to a new all-time high on Monday, traders in the forex market largely focused on the U.S. dollar.

Specifically, traders are betting on a continued rise in the dollar index, which measures the value of the greenback against major fiat currencies.

"Traded levels of volatility are rising notably as it seems the market is actively positioning (investors) or hedging (corporate treasurers) in expectation of a stronger dollar," ING said in a note on Tuesday.

"Both BTC and USD, part of the so-called "Trump trades," have surged since Donald Trump's victory in the U.S. election." traders largely focused on the U.S. dollar, with both the so-called "Trump trades" rallying to multi-month highs.

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