Bitcoin Dips on Stronger Dollar Sentiment; Boost Ahead After Fed Meeting?

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Bitcoin prices edged lower on Wednesday, pressured by a stronger US dollar, as markets awaited the US Federal Reserve’s monetary policy outlook and progress around a stimulus deal. Spot BTC/USD fell more than 3 percent in the early Asian trading hours, hitting an intraday low of $31,567 per token. CME Bitcoin Futures eased by as much as 3.38 percent to $31,550. Bitcoin CME Futures eyes extended downside move towards $24,605-26,535. Source: BTC1! on TradingView.com The US Dollar’s Retracement The losses across the Bitcoin markets appeared in the wake of an intraday US dollar rebound. The greenback surged by a modest 0.07 percent during the Asian trading session, hitting a session high of 90.261, following its bounce off 21-day simple moving average support wave. Bitcoin trades inversely to the dollar—barring short-term gyrations that often see both the assets move in sync. The flagship cryptocurrency draws its bullish narratives from a declining…

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