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Price analysis 4/3: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

Published 04/03/2023, 03:40 PM
Updated 04/03/2023, 07:20 PM
© Reuters.

Bitcoin’s (BTC) price initially dipped, but then recovered on April 3. The volatility happened after several OPEC+ members announced plans to cut oil production, totaling 1.65 million barrels per day until the end of the year. Some analysts expect this move to tighten supply, resulting in higher prices at the pump. That may, in turn, boost inflation, warranting a continued hawkish stance from central banks.

Initially, the United States dollar index (DXY) rose, but it could not sustain the intraday rally. This suggests that the market participants believe the event will not cause any major deviation in the U.S. Federal Reserve’s policy. A weaker DXY is generally considered a positive for risky assets.

Daily cryptocurrency market performance. Source: Coin360
SPX daily chart. Source: TradingView
DXY daily chart. Source: TradingView
BTC/USDT daily chart. Source: TradingView
ETH/USDT daily chart. Source: TradingView
BNB/USDT daily chart. Source: TradingView
XRP/USDT daily chart. Source: TradingView
ADA/USDT daily chart. Source: TradingView
MATIC/USDT daily chart. Source: TradingView
DOGE/USDT daily chart. Source: TradingView
SOL/USDT daily chart. Source: TradingView

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