Home » Bitcoin Bitcoin dips below $47K as US dollar surge dampens BTC price performance Bitcoin Reading 2 min Views 2 It’s not looking great for Bitcoin on short timeframes, and Ethereum is becoming an increasingly popular bet instead. 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. 4/ The 2 points are valid to point out, but I don't focus on them as they've not been historically accurate at identifying macro cycle trend changes. 2 that have? Macro LLs and 2W RSI floor breaks. Neither of which have happened. If they do, my macro outlook will change. pic.twitter.com/qUedP5juZ8 — TechDev (@TechDev_52) January 3, 2022 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.