DXY, BTC, ETH, and More: Price Analysis for Feb 13th

Price Analysis 2/13: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, SOL

• The US Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos alleging Binance USD (BUSD) stablecoin is an unregistered security.
• Bitcoin (BTC) and major altcoins look vulnerable to a deeper correction after the crackdown on Paxos soured sentiment across the crypto market.
• Volatility may remain high in the near term as market observers await the consumer price index data to be released on Feb. 14.

Bitcoin Price Analysis

Bitcoin (BTC) and select altcoins are threatening to deepen their correction after reports emerged that the United States Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos, alleging that the dollar-pegged Binance USD (BUSD) stablecoin is an unregistered security. Separately, Paxos has been ordered by the New York Department of Financial Services (NYDFS) to halt the issuance of BUSD. After the crackdown on Kraken last week and now Paxos, the regulator’s actions may increase nervousness among crypto investors. FOX Business journalist Eleanor Terrett tweeted on Feb. 12 that “more Wells notices going out in the coming 2-3 weeks”.

Interestingly, Bitcoin has made a golden cross on the daily chart and a death cross on the weekly time frame. This suggests that though medium-term trend remains negative but short-term trend could be signaling a turnaround.

S&P 500 Index Price Analysis

The S&P 500 index (SPX) turned down from 4200 on Feb 2 and reached 20 day exponential moving average(4107). The 20 day EMA is sloping up gradually with RSI being positive indicating minor advantage for buyers who will try pushing it further towards resistance at 4200 which if pierced will open further rally towards 4300 & 4500 respectively .On contrary Bears need to pull below 20 day EMA for bearish momentum .

U.S Dollar Index Price Analysis

The U.S Dollar Index(DXY ) turned down from resistance line at 7th feb but bears could not sink it below 20 day EMA(103).This suggests change in sentiment from selling rallies towards buying dips & may see uptrend in near future .It needs breaking above previous highs of 107 for uptrend continuation & likely test of 111 levels while long term downside risk exists below 103 levels with possible move towards 100 psycological mark .


In conclusion ,Crypto Market is under pressure due to regulatory action leading investors into cautionary mode resulting in volatility rise but bullish trends intact in both BTC & SPX markets while DXY sees bullish momentum restoring back higher levels .

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