Crypto is breaking down while the dollar flexes muscle — short Bitcoin as the macro pain trade
Bitcoin just crashed to an eight-month low under $60,000 as its biggest institutional buyers retreat, and a surging US dollar threatens to squeeze crypto even harder. The setup looks grim for digital assets.
Idea
Bitcoin just dropped below $60,000, hitting its lowest level since October 2024, largely because major institutional buyers are wobbling and retail interest has dried up. Making matters worse, the US dollar just surged to a 13-month high on expectations of further Fed rate hikes, and a massive $10 billion options expiry is threatening to compound the selling pressure. Since Bitcoin is priced in dollars, a stronger dollar naturally pushes Bitcoin's price down. With institutional demand fading and macro headwinds building, the path of least resistance right now is lower.
What happened since
| Symbol | Dir | T+1 | T+5 | T+20 |
|---|---|---|---|---|
| BTC | SHORT | +0.53% ✗ | -1.93% ✓ | — |
Price change since publication · updated Jul 12