Bitcoin dips below $47K as US dollar surge dampens BTC price performance

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Bitcoin dips below $47K as US dollar surge dampens BTC price performance

It’s not looking great for Bitcoin on short timeframes, and Ethereum is becoming an increasingly popular bet instead.

Bitcoin dips below $47K as US dollar surge dampens BTC price performance

Bitcoin (BTC) crisscrossed $47,000 on Jan. 3 as the first Wall Street trading days of 2022 got off to a modest start.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Ethereum steals the limelight

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD acting in a narrow range as the week began, with traders split over short-term outcomes.

“It’s just a matter of time before BTC breaks out, and the longer it takes, the harder it will pump,” popular Twitter account Galaxy summarized.

With conviction remaining high and selling declining, TechDev was in good company.

“In case no-one noticed, we have come a long way from nerdy retail HODL’ers being the buyers of last resort,” entrepreneur Alistair Milne added.

“We now have billionaires, multinationals and countries waiting to buy the dips. Whoever is taking the other side of the trade needs their head examined IMO.” 

A fresh influx of institutional interest is considered by some to be ready to begin this month.

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