Due to the aggressive impact of the Fed's interest rate hike, the market's bets on the US dollar and US bonds continue to rise. The US dollar index once surged to a yearly historical high of 105.88. Although both attempts to surge failed, the price line did not fall as a result. On the contrary, the low point moved up. With the boost from this week's US economic data, there should be no problem breaking through the resistance.

Affected by the rise of the US dollar index, risk assets continue to be suppressed, and the high points of gold have shifted lower. The price has always hovered around the key support near 1920, with a narrowing range. The price trend of Bitcoin has fallen into a dilemma between long and short positions. With the continuous rise of the US dollar index and the decline of the three major US stock indices, market investors are in a position to choose between risk assets and stable investments. It is expected that the short-term price trend will remain in the range of around 1920, and the economic data released on Thursday will open up the situation.

After a weekend of consolidation and oscillation, Bitcoin quickly began to decline in the early morning US trading session. What is the significance of the previous surge before the decline? We can see that the K-line candles ahead are arranged in small bearish and bullish patterns. These are traces of institutional main force entry. The sudden surge is just a lure, and in conjunction with the suppression of risk assets by the overall trend, the US trading session quickly began to decline. The decline this time stopped around 26000, indicating a repair and a period of confusion for Bitcoin. It is expected that there will not be much volatility in Bitcoin's trend during the day, and attention should be paid to the opening of the US trading session.

In summary, overall risk assets are being suppressed by the US dollar, and the US government is about to face a shutdown, which also gives risk assets some breathing room. Therefore, in the near term, Bitcoin's decline is not significant in the face of the news that the Fed will raise interest rates again this year. The situation will open up with the release of the US initial jobless claims on Thursday and the core PCE data on Friday. These two sets of data will set the tone for Bitcoin from next week to Thursday. In the current trend of Bitcoin this week, whether it is the rise of the US dollar index or the lack of market confidence, the price trend will enter an overall bearish situation.

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