Americas Crypto Market Update: Bitcoin's Resilience Pushes Dominance Towards 4-Year Peak Amid Global Economic Concerns

By James Van Straten (All times ET unless otherwise stated) The price of Bitcoin (BTC) continues to show strength despite global economic uncertainty, nearing the $86,000 mark and less than 3% away from its previous high. This move is highlighted by bitcoin's growing dominance in the cryptocurrency market, which is now close to 64% - a level not seen since January 2021. In comparison, the Nasdaq 100 remains 5% below its previous high, underscoring the relative strength of bitcoin compared to US equities. According to data from Cheddar Flow, the S&P 500 has formed a 'death cross', a bearish signal that occurs when the 50-day moving average falls below the 200-day moving average. This has historically been followed by market volatility, as seen in March 2022 when the S&P 500 initially rose before declining by 20%. The options market also reflects bearish sentiment, with investors buying large volumes of puts for NVDA, indicating expectations of lower prices. In a recent Bloomberg interview, Treasury Secretary Scott Bessent expressed confidence in the US bond market, dismissing concerns about foreign nations selling US Treasuries. Bessent emphasized the US dollar's status as the world's reserve currency, despite the DXY index falling below 100 and dropping over 10% in recent weeks. He also confirmed that the administration is seeking a new Federal Reserve Chair to replace Jerome Powell, with interviews set to begin later in the year. Bessent suggested that the VIX may have peaked after its largest one-day percentage drop in history last week. Key events to watch include token events, conferences, and market movements. Bitcoin's technical analysis and crypto equities are also worth monitoring, along with ETF flows and overnight market activity.