Bitcoin is under pressure for a third straight day, trading near $63,900, as the Dollar Index (DXY) nears a breakout from a 13-month trading range. The DXY gained 0.26% to 100.66, extending Wednesday's 0.8% rise, driven by the Fed's hawkish stance. Historically, a stronger dollar weighs on bitcoin, with a 90-day correlation coefficient of minus 0.82. If the dollar continues to gain, bitcoin may revisit its 200-week simple moving average at $62,258. Kraken economists note that dips below this average have historically yielded a median return of over 100% in one to three years, while other analysts warn of deeper selloffs. The broader crypto market shows similar losses, except for tokens like HASH, XLM, and ENA, which gained over 7%.

Key facts

• Bitcoin down nearly 1% to $63,900, pressuring crypto market.
• Dollar Index nears breakout from 13-month range, up 0.26% to 100.66.
• Fed's hawkish tone strengthens dollar, historically weighs on bitcoin.
• Bitcoin may revisit 200-week moving average at $62,258.
• Kraken: dips below $62,258 historically yield 100%+ median return in 1-3 years.

KeyAudit data perspective