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The U.S. dollar is staging a comeback, and that shift is rippling across global markets. A stronger dollar is already weighing on equities and crypto, tightening financial conditions and reinforcing a broader risk-off regime driven by persistent policy uncertainty and growth concerns.

Inside today’s report, we break down the key macro, crypto, and relative strength signals defining market structure right now. You’ll find 12 charts including Bitcoin long and short trading setups, plus a special coin of the week with actionable trades and risk guidance.

Let’s dive in 👇

The exchange you're using? Probably charging you more than you need to pay.

CoW Swap compares prices across every major exchange in real time. Gets you the best deal automatically. You just swap like normal.

No extra work. Better prices.

Stop overpaying

The U.S. dollar staged a comeback. After sliding sharply from around 1,220 to 1,180 on the Bloomberg Dollar Spot Index, pressured by tariff uncertainty and slowing growth fears, options markets are now betting the rebound has legs, with one-week risk reversals flipping in favor of dollar strength. A rising dollar historically acts as a brake on risk assets, tightening financial conditions globally and making alternatives like equities and crypto even less attractive.

That pressure is already showing up in stocks. The S&P 500 has had its weakest start to a presidential term in decades, trailing every comparable period shown, Biden, Trump I, and both Obama terms, by a wide margin. The culprit is familiar: persistent tariff uncertainty and a policy environment that has made it difficult for markets to price in a clear growth trajectory, reminding investors that political risk has a very real cost.

Nowhere is that cost more visible than in Bitcoin, which slipped below $67,000 on Tuesday. What makes the move notable is its institutional dimension, ETF flows, which were strongly positive this time last year, have turned negative, signaling that large players are continuously stepping back rather than buying the dip.

Pulling back further, Bitcoin has now logged four consecutive weekly losses, a sustained streak that points to something more than routine consolidation. The coin has broken below its 200-week moving average for the first time since early 2022, and each attempted bounce has so far been met with fresh selling, a pattern that suggests the market structure has genuinely shifted.

The takeaway is straightforward: dollar strength, equity underperformance, and crypto weakness are not isolated, they are three expressions of the same underlying anxiety about U.S. policy and global growth. Until there is meaningful stabilization in risk appetite, the path of least resistance across crypto remains lower.

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Bitcoin continues trading lower after facing rejection on Sunday, with price forming clear lower highs and lower lows, including a dip below $67,000 on Tuesday. BTC has since recovered and is currently trading around $68,200, with $72,000 as the key level to watch on the upside and $65,500 on the downside.