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The U.S. dollar has been heavily shorted since early October in hopes for a so-called dovish Fed pivot and looks ripe for a short squeeze, a move higher driven by unwinding of bearish positions. Bitcoin tends to move in the opposite direction of the dollar.
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The second largest cryptocurrency by market capitalization has dropped to its lowest since April 9, CoinDesk data shows.
The latest price moves in bitcoin (BTC) and crypto markets in context for April 18, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
We would consider taking some profits as the crypto market is showing exuberant signs.
BTC and ETH have risen about 8% and 12%, respectively over the past seven days. While BTC has driven the market this year so far, the Shapella upgrade has boosted ETH trading, according to an analyst.
The rebalancing comes as ether rallies off a successful Shapella upgrade.
We are seeing a sell the rumor buy the fact redux, one observer said, explaining ether’s post-Shanghai upgrade rally.
Ether has underperformed bitcoin in the lead up to the Shapella upgrade, resulting in a 13.7% year-to-date decline in the ETH/BTC ratio.