A lot of folks are asking: if oil is crashing, and gold and silver are pulling back, why isn't crypto pumping?
In my view, the issue isn't really with oil or gold anymore, but with the dollar itself.
Sure, the drop in oil was one of the factors that pressured Bitcoin recently, but today we're seeing oil tank hard, and gold and silver are losing steam too, yet liquidity is still MIA in the crypto market.
The reason is that markets are starting to accept the idea of high interest rates sticking around longer, and some Fed members are still eyeing the possibility of raising them again.
This gives the dollar a huge boost and makes it the preferred destination for investors during times of fear and uncertainty.
When the dollar gets stronger, almost no one escapes. Stocks are under pressure, gold is dropping, silver is sliding, and crypto is suffering from a liquidity drought.
That's why I believe the key to a bullish comeback isn't oil or gold, but rather the weakening of the dollar and a shift in expectations towards rate cuts. Only then might we see liquidity flood back into risk assets, with Bitcoin at the forefront.

$BTC 👀