![Bitcoin tumbled below $26K, causing a $120M liquidation storm](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/05/DXY1.png&w=70&h=37&q=75)
Quick Take
- The Dollar Index (DXY) continues rising, hitting 104.11, up 2.80% in the past month.
- However, Bitcoin’s negative DXY correlation persists, with the former sinking as low as $25,800 on Thursday.
- In the past 24 hours, total liquidations reached $120 million, mainly on longs.
- Further rate hikes may be on the cards – with predictions for a 25bps rate hike now coming in at 31% – with only one rate cut factored in for the rest of the year.
- The next FOMC meeting is 20 days away.
![BTC&DXY: (Source: TV)](https://cryptoslate.com/wp-content/uploads/2023/05/DXY1.png)
![Liquidations: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2023/05/24-hours.png)
![Fed Probabilities: (Source: CME)](https://cryptoslate.com/wp-content/uploads/2023/05/30.png)