📉 Bitcoin Drops Below $118K as Dollar Strengthens
Bitcoin traded at $117,564, slipping below the $118,000 mark after strong U.S. growth data gave a boost to the U.S. dollar.
💵 The Dollar Index (DXY) jumped to 99.34, its highest since June 23, signaling renewed strength in the greenback.
⚠️ What’s the concern?
Traders have been betting heavily against the dollar (USD shorts). But now, with the dollar showing strength again, there's a risk of a "short squeeze" — which could push the dollar higher and hit markets like crypto, equities, and emerging markets.
🗣️ QCP Capital warns:
“Everyone expected a weak dollar in 2025, but after a 10% drop, we’re asking — how much lower can it go?”
📌 Bottom Line:
A stronger dollar = possible pressure on Bitcoin and other risk assets.