Dollar at crucial level, oversold Bitcoin finds support and Sam Bankman-Fried plans all-telling interview

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As we mentioned a few times this year, the best trade was probably the US dollar index (DXY). However, as investors take profits before the year is over and other global central banks raise interest rates, the dollar index is falling to a crucial point. Meanwhile, Bitcoin finds support and moves higher again.

Lastly, FTX founder Sam-Bankman Fried schedules an interview.

Oversold

Bitcoin briefly touched the support line between $15,000 and $16,000 on Wednesday before moving back higher. Volume is likely to be lower in the coming days as US markets are closed for Thanksgiving.

$BTC

Htf: lower lows and lower highs after breaking a monthly redistribution range. Below June’s low and at supply zone.

Ltf: weak trend caused by a short squeeze (bull trap). Volume dying.

12000-14000 remains the main target for a local bottom formation. pic.twitter.com/Ks3uipYMY7

— il Capo Of Crypto (@CryptoCapo_) November 24, 2022

Vijay Ayyar, vice president at crypto exchange Luno said:

We’re bouncing off a support level, which is quite expected, since we’ve been quite oversold over the past week or two.

However, this move doesn’t indicate any bullishness yet … We could be seeing a bearish bounce here, looking at resistance around $17K, before further downside targeting $14K.

Much will depend on what happens to the US dollar index (DXY) as it is very close to its 200-day moving average.

U.S. Dollar Index $DXY is now trading below its 20, 50, and 100 Day Moving Averages. Will the 200 Day hold as support or is the dollar headed for a break below? pic.twitter.com/5GoHJFbjZC

— Barchart (@Barchart) November 24, 2022

The dollar moved up smoothly throughout the year and has a very high negative correlation to Bitcoin. In other words, if the dollar drops through a support line as investors take profits, this could be very good news for Bitcoin in the closing weeks of the year.

Bankman-Fried is back

Also remarkable to see was that we saw another sign of life from Sam Bankman-Fried. The former CEO of FTX will give an interview to Andrew Ross Sorkin on November 30.

A lot of folks have been asking if I would still be interviewing @SBF_FTX at the @nytimes @dealbook Summit on Nov 30…

The answer is yes. 👇

There are a lot of important questions to be asked and answered.

Nothing is off limits.

Looking forward to it… https://t.co/lShAqXLKGS

— Andrew Ross Sorkin (@andrewrsorkin) November 23, 2022

Ross Sorkin is a strange choice since the financial author previously wrote a book about the credit crisis of 2008, which was subsequently also turned into a movie. Will there be a movie about SBF after all?

Hey @andrewrsorkin can you at least update the @SBF_FTX bio on @dealbook to remove “philanthropist” now that we know all of the money was stolen? pic.twitter.com/bbiCHoPMAR

— Wall Street Silver (@WallStreetSilv) November 24, 2022

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