On Monday, major cryptocurrencies traded mixed as the US dollar fell. Bitcoin (BTC) was up 1.84% to $37,198.42. Around 10.15 IST, prominent crypto tokens like as Ethereum (ETH), BNB, XRP, Solana, Cardano, and Dogecoin were up between 1% and 3.70%.

Bitcoin has gained 0.80% in the last seven days, while Solana Dogecoin and Cardano have increased by roughly 4%, 2%, and 5%, respectively. On a seven-day basis, the laggards are XRP (-4.6%), Ethereum (-1.83%), and Tron (-5%).

The link between cryptocurrency and the US dollar is inverse. The dollar index was at 103.61, down 0.30 percent.

The dollar index (DXY) has fallen to a two-month low and has corrected by 1.9% in the last five sessions, helping cryptocurrencies. The weakness has been caused by slower US inflation in October, which was lower than expected by Wall Street. This has given new momentum to those advocating for an interest rate halt. Because of the lower inflation reading, the Federal Reserve may refrain from raising interest rates further.

Bitcoin is trading cautiously higher at $37,100, with a significant threshold at $38,000. Support levels of $35,835, $35,235, and $34,522 indicate probable decline stabilisation points. Technical indicators provide a mixed but somewhat optimistic picture, with the RSI at 51 indicating a neutral outlook. A short-term bullish trend is supported by the 50-day EMA at $36,400. A small ascending channel can be seen on the chart, indicating that the bullish momentum may continue.

The analyst favours positive trends over $36,400; nevertheless, he advises prudence while emphasising immediate resistance for short-term swings and probable moves in the following days.

BTC (+2.2%) experienced a sharp increase before correcting near $37.2k levels. Support is indicated in the $33,000 to $34.500 zone, with resistance at $38,000.

On the institutional adoption front, Fidelity has become the latest financial business to want to launch an ETH ETF, following rival BlackRock and 5 other corporations, according to Chaturvedi, who said that the presence of financial behemoths such as Fidelity signifies a positive trend for the industry.

On a similar topic, he told that the SEC has delayed its judgement on Franklin Templeton’s and Global X’s spot bitcoin ETF applications, with the deadline now expected to be early 2024, with no substantial influence on BTC’s price.