price remained in a tight range on Wednesday morning as the US dollar index continued rising. It dropped to a low of 18,840, which was the lowest level since September 28. It has fallen by about 7% from the highest point this month.The BTC/USD price has been in a consolidation phase for more than 120 days.
Bitcoin dropped in the overnight session even after America’s oldest bank, Bank of New York Mellon, opened for crypto business. The company started receiving clients’ cryptocurrencies, becoming the first major American bank to do so. Bitcoin pulled back as the US dollar index continued rallying. The greenback has surged by more than 20% this year and is now hovering near its highest level in more than 20 years. It rose to a high of $114 during the overnight session, which was close to its highest point this year.