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Bitcoin (BTC) May See Substantial Rebound if DXY Keeps Gaining Strength
The US dollar’s recent surge could have significant implications for the cryptocurrency market and particularly Bitcoin. The data indicates that as long as the DXY keeps gaining strength, Bitcoin may struggle to break above $120,000.
In the past, we’ve seen a close relationship between the DXY and Bitcoin’s price. Historically, whenever the dollar index experiences significant growth, Bitcoin has faced challenges in overcoming key resistance levels. It is essential to keep an eye on the correlation between these two assets as they have always moved inversely.
Despite some attempts at a rebound, the RSI is showing signs of exhaustion, which could indicate that momentum is waning. Considering this crucial information, it is likely that we will see a correction if the dollar’s upward movement persists.
Source: u.today
