First Mover Americas: BTC’s Recovery Stalls as Dollar Rallies

Bitcoin’s recovery from Monday’s low under $59,000 stalled as buyers struggled to keep momentum above $61,000. Ether and the wider crypto market, represented by the CoinDesk 20 (CD20) Index, also faced lackluster trading during European hours. The pause coincides with the dollar index (DXY) topping 106, the highest since May 2, keeping investor risk appetite under check ahead of U.S. first-quarter GDP data, durable goods for May and a weekly jobless report scheduled for 12:30 UTC (08:30 EST). “The market may be most sensitive to the weekly jobless claims, given the recent increase and a growing sense, articulated by San Francisco Fed President Daly, that the labor market appears to be at an inflection point,” Bannockburn Global Forex’s managing director and chief market strategist, Marc Chandler, said in a market update. Crypto traders will closely watch the Biden-Trump presidential debate, set for 21:00 EST, for clues on what the outcome of November’s election might mean for the industry.

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