Bitcoin has slipped to the $40,200 level earlier today
The flagship cryptocurrency is down roughly 4% over the past 24 hours. It is now precariously close to retesting the $37,000 support level.
The U.S. dollar index has rallied above 100 for the first time since May 2020 amid the U.S. Federal Reserve's hiking cycle. The greenback's ongoing rally highlights strong risk-off sentiment. Goldman Sachs believes that the Fed will raise the benchmark interest rate by 50 basis points in May and in June in order to bring down inflation.
Mike Novogratz recently predicted that the Bitcoin price could rally again if the Fed were to put monetary tightening on pause. However, the central bank might not change its course anytime soon due to persistently high inflation.
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