Analysts and traders are linking Bitcoin’s bearish turn with the growing strength of the U.S. dollar, but data suggests otherwise.
At the moment, there seems to be a general assumption that when the U.S. dollar value increases against other global major currencies, as measured by the DXY index, the impact on Bitcoin (BTC) is negative.For the past few weeks, analysts and influencers have been issuing alerts about this inverse correlation, which held true until March 2021.So I guess we’re not all obsessed with $DXY anymore? Because it’s looking super bullish & had provided an almost perfect inverse correlation for over a year. Either way we’re about to find out if $BTC has matured to the point of being uncorrelated. ️ #Banks #Brrrr #Bitcoin pic.twitter.com/gequzmr6p2— Alex Saunders (@AlexSaundersAU) February 2, 2021
What could be the trigger of #Bitcoin top? A #DXY bottom! And we may just have that around the cor
