Bitcoin has managed to chalk out a double-digit rally recently, ignoring the strength in the dollar index and Treasury yields.
US dollar hits 4-month low as Bitcoin trader predicts 10% drop to come
Bitcoin stands to enjoy further relief if its standard relationship to DXY weakness holds firm as the dollar shrinks on Fed “pivot” bets.
BTC price dips 4% as Bitcoin analysis reveals low liquidity above $33K
Bitcoin remains prone to volatility, while further downside offers the “path of least resistance” for BTC price next, analysis warns.
Paxos to issue USD stablecoin in Singapore, wins initial approval
The USD-backed token will comply with Singapore’s upcoming stablecoin laws and be issued through a new local Paxos entity that’s received initial approval.
Price analysis 11/6: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON
Bitcoin price is consolidating near $35,000. Will altcoins capitalize on the sideways price action and move higher?
Price analysis 10/30: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON
Bitcoin’s reluctance to give up ground has attracted strong buying in select altcoins.
Price analysis 10/23: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON
Bitcoin is showing renewed strength and targeting yearly highs. Will altcoins follow suit?
U.S. Risks Unleashing Second ‘Eurodollar’ Market if It Dallies on Stablecoin Regulation
Price analysis 10/16: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON
Stock markets flashed green at the weekly open, and crypto prices followed.
War, CPI and $28K BTC price — 5 things to know in Bitcoin this week
Bitcoin prepares for a testing macro week as geopolitical uncertainty injects volatility into gold, oil and the U.S. dollar, but BTC price action has yet to react.
Crypto Is On The Brink Of Explosion As 9-Year DXY Formation Returns
An inverse correlation between the crypto market and the DXY has often helped to signal when a bull rally is on the horizon. One of the most notable instances of this happened 9 years ago, and since then, the formation has not returned, until now, signaling a massive price surge in October.
DXY Readies To Clock 12th Consecutive Candles
In an X (formerly Twitter) post, crypto analyst TheCryptoMann has revealed an important formation in the DXY. The DXY is the United States Dollar Index which measures the value of the dollar to other major (6) currencies around the world.
Now, since Bitcoin is often touted as an alternate and better currency to the likes of the US dollar, there is often some competition between them leading to an inverse correlation over the years. This is why this DXY formation is important.
As TheCryptoMann points out, the DXY is headed toward a 12th consecutive green candle which is bullish for the crypto market. This is because the last time that this happened was in 2014, and the results were very bullish for crypto.
The analyst explains that when this happened in 2014, the DXY had fallen 8%. Crypto had then gone in the opposite direction, mounting a rather impressive rally. A look at the chart shows that in the year 2014, the crypto market went from $5.4 billion to over $8.2 billion, an over 50% surge in price.
A Bullish Time For Crypto
TheCryptoMann likens the current movement to what took place in 2014 and actually expects this movement to repeat once more. As he explains, the incoming correction in the DXY will see the crypto market explode as it did 9 years ago.
He also points out that “the DXY is also being rejected from the 0.5 FIB Retracement level from its most recent local highs and lows!”
He further added:
There is a clear inverse correlation between the DXY and the cryptocurrency market. So over the next month, we’re about to see some major price movements, so eyes on the market.
Another analyst Cryptoinsighuk also seems to share the views of TheCryptoMann as he also believes there is correction coming for the DXY. “Also, whilst sentiment is this bad we are having the SBF trial. This is negative towards Crypto, tells me the bottom could be very close in this move,” the analyst added.
Great thoughts.
I also have some further technicals to add to this later. Just waiting for their confirmation.
I think the $DXY will soon turnover.
Also, whilst sentiment is this bad we are having the SBF trial. This is negative towards Crypto, tells me the bottom could be… https://t.co/QK13cnvOka
— Cryptoinsightuk (@Cryptoinsightuk) October 4, 2023
If TheCryptoMann’s forecast is correct, then the crypto market could be getting ready for a massive move to the upside. A similar rally would see the total market cap go from $1.065 trillion currently to over $1.5 trillion, signaling a bullish end to the year 2023.
Price analysis 10/2: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON
Bitcoin and select altcoins are looking strong at the start of October, but will the flashpan bullish momentum last?
Is Bitcoin price going to crash again?
Bitcoin is still down 60% from its November 2021 all-time high, so many traders wonder if the BTC price could crash further in the coming months.
Bitcoin price at risk? US Dollar index confirms bullish ‘golden cross’
Concerns over the U.S. dollar’s impact on Bitcoin may be overstated by investors, particularly in the longer term.
Price analysis 9/25: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, TON, SOL
The strength in the United States dollar index could keep Bitcoin and select altcoins under pressure in the near term.
Bitcoin price fights for $26K as US dollar strength hits 10-month high
Bitcoin faces the highest levels in the U.S. Dollar Index of 2023 so far as BTC price action wobbles.
Bitcoin blasts past its 2021 all-time high in Argentina, but hyperinflation outpaces gains
Bitcoin’s 150% gains over the last two years in Argentine pesos is no match for the country’s 300% inflation in the period.
Price analysis 9/18: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, TON, SOL
Bitcoin and select altcoins are attempting to make a comeback as traders expect the Fed to hold rates steady during its meeting this week.
BTC price hits $27.4K as Bitcoin open interest matches Grayscale peak
BTC price gains more than 3% as the week begins, but concerns over open interest “ramping up” almost $1 billion in hours offer a sense of Grayscale deja vu.
Bitcoin price faces 200-week trendline as US dollar hits 6-month high
BTC price centers on the 200-week exponential moving average, while analysts warn that Bitcoin and risk assets are in danger from a surging dollar.