Bitcoin Bulls Challenged by Dollar's Doji, XRP MACD Bearish Ahead of Fed Speak & PCE Inflation

This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. DXY VS BTC Last week, the Federal Reserve (Fed) delivered its first interest rate rate cut since December, while signaling more easing in the coming months. Yet, despite this dovish move, the dollar index (DXY), which tracks the greenback's value against major currencies, finished the week with a dragonfly doji on the weekly chart – a classic bullish reversal signal suggesting a USD rally ahead. The dragonfly doji gets its name from its distinctive “T” shape, which resembles the delicate wings of a dragonfly or the blade of a bamboo-copter toy. This pattern forms when the open, high, and close prices are nearly identical, accompanied by a long lower shadow that reflects a sharp price decline quickly reversed by buying pressure. The DXY initially fell on the news of the Fed rate cut, briefly dipping below the July low of 96.37, only to bounce back and end the week largely unchanged at 97.65, supported by resilience in U.S. Treasury yields. The appearance of the dragonfly doji…