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Cointime
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US dollar index trend hints that Bitcoin rally is around the corner?
Author: Bitkoala Kaola Finance
Editor's note: The movement of the U.S. dollar index affects global liquidity conditions, which in turn affects risky assets including cryptocurrencies.
Bitcoin's (BTC) negative correlation with the U.S. Dollar Index (DXY) has been broken in recent weeks, making it difficult for Bitcoin to gain upward momentum amid the continued sell-off in the U.S. dollar, but don't worry, this may not last for much longer. Long.
Last week, the U.S. dollar index fell below 100.00, with a decline of 2.26%, a new low since April last year and the worst performance since November last year. Meanwhile, Bitcoin is trading between $30,000 and $32,000, continuing a multi-week consolidation.
Editor's note: The movement of the U.S. dollar index affects global liquidity conditions, which in turn affects risky assets including cryptocurrencies.
Bitcoin's (BTC) negative correlation with the U.S. Dollar Index (DXY) has been broken in recent weeks, making it difficult for Bitcoin to gain upward momentum amid the continued sell-off in the U.S. dollar, but don't worry, this may not last for much longer. Long.
Last week, the U.S. dollar index fell below 100.00, with a decline of 2.26%, a new low since April last year and the worst performance since November last year. Meanwhile, Bitcoin is trading between $30,000 and $32,000, continuing a multi-week consolidation.
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