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BTC showed signs of a rally but experienced a retracement, indicating a level of uncertainty in the market. This hesitation suggests that the market is attempting to determine whether it is reaching a peak, to then recover the gains and start fresh new gains.
If this scenario unfolds, a pullback into the previous consolidation range could occur, which would align with the prevailing uncertainty in the broader markets. Bulls have the market at the moment, and the ball is in their court to bring BTC a new leg up.
The US Dollar ended the week positively, marking its fourth consecutive week in positive territory and reaching a new yearly high above the 104.00 barrier. This positive performance was driven by diminishing expectations of an imminent start to the Federal Reserve's easing cycle, with projections favouring a move in May or June rather than March.
The short-term outlook for the dollar depends on the upcoming CPI report and subsequent Federal Reserve commentary, with any signs of inflation nearing the Fed's 2% target likely to influence rate cut expectations and the dollar's trajectory. This could trigger the next move downwards for the DXY, setting the path for a new rally for BTC.
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