As the U.S. dollar soared dampening the price performance of BTC, Bitcoin fell below $47,000

Bitcoin (Bitcoin) Crisscrossed on January 3, as the first Wall Street trading day of 2022 had a mild start.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Ethereum steals the limelight

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD fluctuated within a narrow range at the beginning of the week, and traders were divided on short-term results.

“The BTC outbreak is only a matter of time. The longer it takes, the harder it will be to pump money,” the popular Twitter account Galaxy Summarize.

“Q1 is only live. You heard it here first.”

However, this optimism is far from universal. For Cointelegraph writer Michaël van de Poppe, it’s time to study altcoins more closely than BTC.

“Ethereum’s good rebound, I think this has bottomed out,” he Say Regarding the status of ETH/USD on Monday.

“Additional confirmation is still needed, but it shows stronger strength than Bitcoin at this point. The final confirmation is higher than $4,100.”

At the time of writing, ETH/USD has risen by more than 2% in 24 hours, while BTC/USD is the opposite. Even the daily highs have not shown any tendency.

ETH/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

In the macro market, the S&P 500 index rose slightly at the opening of Wall Street, because it is expected that the stock market will benefit further in the first half of this year due to the prospect of an increase in key interest rates.

At the same time, the U.S. dollar rose suddenly on Monday, and the U.S. dollar currency index (DXY) rose rapidly-as usual, this is not good for Bitcoin.

The dollar currency index (DXY) 1-hour candlestick chart. Source: TradingView

Don’t mind the bearish divergence

At the same time, among analysts focusing on Bitcoin, TechDev called for the elimination of bearish sentiment, believing that on-chain indicators do not support bearish arguments.

related: New Year, the same “extreme fear”-5 things worth paying attention to in Bitcoin this week

He said over the weekend that concerns about the relative strength index (RSI) and moving average convergence/divergence (MACD) pale in comparison to more basic indicators that have not yet shown a bearish outlook.

As beliefs remain high and sales are declining, TechDev has performed well.

“If no one noticed, we have gone a long way from nerd retail HODL’ers to becoming the last buyers,” entrepreneur Alistair Milne Add to.

“We now have billionaires, multinational companies and countries waiting to buy on dips. Whoever is on the other side of the trade needs to check the IMO.”

One Fresh in Some agencies think this month is ready to start.