While the US Dollar is significantly weakening and flirting with the highs of the previous Friday in the EUR/USD price action, Bitcoin sees some support and headwinds from Monday’s positive performance in the stock market.
These two factors are causing some generalized purchase of risky assets. If this attitude persists, BTC is likely to slowly climb toward $17,000 during the next few days.
These two positive tailwinds pose a risk to the downside because, should a selloff take place, they could quickly change into headwinds. If the stock markets begin to decline, a higher US Dollar will follow, adding to the adverse pressures BTC is already under.
A decline towards $16,400 would occur, with a significant risk of continuation toward $16,020 as well.
