Bitcoin takes liquidity near $17K as US dollar shows weakness pre-CPI

Bitcoin (BTC) ranged below $17,000 at the Dec. 8 Wall Street open as the U.S. dollar threatened further weakness.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Dollar dips as stocks see modest upt

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD practically flat over the 24 hours to the time of writing.

With macro cues lacking, analysts eyed a potential breakdown in U.S. dollar strength as the next volatility catalyst for crypto and risk assets.

The U.S. dollar index (DXY) looked set to challenge multi-day support, wicking below 105 multiple times on the day.

“$DXY’s first time under the 100 day MA since June of ‘21,” Joe Cariasare, co-host of the Inside Bitcoin podcast, noted.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

Trader and analyst Pierre added that both DXY and the S&P 500 could nonetheless trade sideways until the Consumer Price Index (CPI) print for November comes in…

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