-
Bitcoin
slipped
5%
below
$65,000
Thursday,
with
the
U.S.
dollar
resurging
amid
the
Swiss
central
bank’s
interest
rate
cut. -
XRP,
FIL
and
ICP
defied
the
slump,
while
SOL
and
AVAX
declined. -
Bitcoin
completed
its
correction
by
rebounding
from
$60,000
Wednesday
and
targeting
“much
higher
levels”
in
the
next
phase
of
the
uptrend,
Swissblock
analyst
said.
Bitcoin
(BTC)
slid
lower
Thursday
amid
a
stronger
U.S.
dollar,
giving
up
some
of
the
advances
from
Wednesday’s
spectacular
bounce
spurred
by
a
dovish
tone
from
the
Federal
Reserve.
BTC
dropped
some
5%
to
as
low
as
$64,600
by
late
afternoon
UTC
hours
from
above
$68,000
at
the
start
of
the
day.
The
broad-market
CoinDesk
20
Index
(CD20)
declined
3.5%
from
its
daily
high,
as
altcoins
generally
outperformed
bitcoin
during
the
day.
Payment
network
Ripple’s
native
asset
(XRP),
decentralized
data
storage
platform
Filecoin’s
crypto
(FIL)
and
the
Internet
Computer’s
token
(ICP)
advanced
6%-7%
over
the
past
24
hours.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WH6ISZYQSJCIRMJ3YQPNTHPOZM.jpg)
CoinDesk
20
Index
leaders
on
March
21
(CoinDesk)
Native
tokens
of
layer
1
networks
Solana
(SOL),
Avalanche
(AVAX)
and
Aptos
(APT)
lost
2%-3%
during
the
same
period.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PKXVTT3ZPFFT3JYY32BYEPZLTI.jpg)
CoinDesk
20
Index
laggards
on
March
21
(CoinDesk)
Bitcoin’s
weak
price
action
was
perhaps
due
to
the
resurging
U.S.
dollar
after
the
Swiss
central
bank,
in
a
surprise
move,
cut
interest
rates
by
25
basis
points,
erasing
all
of
Wednesday’s
steep
drop
when
Fed
Chair
Jerome
Powell
hit
a
dovish
tone
despite
higher-than-expected
inflation
readings.
The
U.S.
dollar
index
(DXY),
which
measures
the
U.S.
dollar’s
strength
against
other
major
currencies
and
a
stronger
dollar
usually
weighs
on
asset
prices.
The
move
was
perhaps
due
to
market
participants
expecting
that
some
other
key
central
banks
could
start
lowering
interest
rates
before
the
Federal
Reserve,
macro
analyst
Michael
Kao
noted
on
a
social
media
post.
Market
analytics
firm
Swissblock
said
that
bitcoin
completed
its
pullback
before
Wednesday’s
bounce,
reaching
almost
their
target
price
of
$58,000-$59,000
when
they
called
for
an
imminent
cool-off
phase
last
week.
“Now
much
higher
levels
(are)
coming,”
Swissblock
analyst
Henrik
Zeberg
said
in
a
Thursday
market
update.
He
added
that
altcoins
and
bitcoin
miners
will
perform
“tremendously
well”
in
the
next
phase
of
the
uptrend.
Crypto
trader
Jelle
noted
that
the
bottom
for
the
correction
is
in
until
BTC
holds
the
$65,000
level.
He
added
that
it
could
consolidate
for
a
while
in
the
current
price
range
and
needs
to
break
above
the
$69,000
price
level
–
the
market
cycle
peak
in
2021
–
to
reignite
its
rally
to
higher
prices.
