Dollar Slide Sets Up Bitcoin Bounce Before FOMC

The risk-reward on the majors has improved materially, even if conviction in a durable low is still hard to defend. Liquidity expectations are getting friendlier, positioning has gone defensive, and crypto sentiment has deteriorated to a place where the asset class is once again non-consensus. That is the setup for a tactical bounce — not yet the all-clear for a sustained leg higher. Tomorrow’s FOMC is the gate.