Bitcoin Faces Aggressive Shorting as Dollar Index Surges

With the U.S. dollar index (DXY) soaring to an 18-month high, Bitcoin's selling pressure is becoming more and more intense. At press time, the leading cryptocurrency is changing hands around $82,490, shedding 1.62% in the last 24 hours. Further, Bitcoin has shed 4.61% over the past week, and its market valuation sits near $1.65 trillion. The number of Bitcoin short positions being opened aggressively indicates low spot demand. At the same time, the spot market has not yet seen enough buying pressure to reverse the short positions.

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