A key support level for the controversial cryptocurrency Bitcoin was able to prevent total collapse for the time being as it attracted enough bids which allowed a short-covering rally to unfold. Price action briefly moved into a horizontal support area between $5,540.00 and $5,925.05 when Bitcoin’s latest rout recorded an intra-day low of $5,749.93 and then another dip with an intra-day low of $5,840.70.

The US Dollar bulls suffered a heavy defeat which was delivered by the same entity which gave them hope; the US Federal Reserve. Every forex bull in the US currency has placed all their hopes and arguments for a strong US Dollar on the assumption that the US Fed will raise rates as soon as June of this year.

Correlations between the world's most heavily traded commodities and currency pairs are common. For example, the Canadian dollar (CAD) is correlated to oil prices due to exporting, while Japan is susceptible to oil prices because it imports most of its oil.