Bitcoin and Ethereum Face Market Pressure Amid Dollar Index Movements
- Bitcoin traded at $83,017, below its four-hour fair value gap, with futures open interest declining from 109,640 to 96,010 contracts.
- Ethereum held steady at $2,646 but maintained a bearish structure since September.
- The dollar index peaked at 101.398 before retreating to 101.093 ahead of significant U.S. economic data releases.
- Resistance levels for Bitcoin are identified between $84,000-$85,000 and previous highs near $87,385 and $88,078.
- Ethereum’s open interest decreased from approximately $2.39 million to $2.30 million as leverage was partially unwound.
Both Bitcoin and Ethereum are experiencing downward pressure in their price structures while the dollar index shows volatility ahead of key economic indicators.
As Bitcoin hovers around $83,017 with declining futures open interest, the market remains cautious about potential further losses or recoveries in the coming days.
