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The United States dollar index (DXY) resumed its strong uptrend on July 11, indicating that investors are preparing for the July 13 CPI report to be hotter than expected. A survey of economists by Bloomberg estimates that in June consumer prices surged to 8.8%, a four-decade high.
Arthur Hayes, former CEO of derivatives trading platform BitMEX, believes that the U.S. dollar and the euro were moving towards hitting parity. If that happens, the central banks will have to adopt yield curve control, which could lead to the disintegration of the currency and ultimately benefit Bitcoin (BTC).
Glassnode analyst James Check said in an interview with Cointelegraph that the number of Bitcoin holders is higher during the current bear market. This shows the resilience of the Bitcoin network. Another positive is that the smaller investors have used the dip to add to their positions.
Although the short-term picture remains skewed to the downside, the long-term view looks encouraging for bulls. Will Bitcoin and the altcoins attract buying at lower levels? Let’s study the charts of the top-10 cryptocurrencies to find out.
This article first appeared at Cointelegraph.com News
