Bitcoin is under short-term pressure as macroeconomic shifts and changing sentiment continue to weigh on upward momentum.

Despite reaching a record high of over $108,000 in December, Bitcoin has seen a reversal driven by a strengthening U.S. dollar, heightened volatility, and cautious positioning among traders.

That’s according to Joe McCann, founder and CEO of crypto investment firm Asymmetric, who has adopted a more bearish outlook in the near term while maintaining a bullish long-term stance. 

McCann noted a confluence of market signals, including a December 18 hawkish Federal Reserve press conference and a significant move in the Volatility Index (VIX), has shifted short-term probabilities to favor a downside correction.

The U.S. dollar, measured by the Dollar Index (DXY), has been a focal point among leading analysts, including Real Vision’s Chief Crypto Analyst Jamie Coutts.

On the same day the Federal Reserve cut rates by 25 basis points, the DXY unexpectedly surged, breaking multi-year resistance levels. 

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Author: Sebastian Sinclair