Will the dollar’s weakness result in Bitcoin finally breaking $12,000?
The recent weakness in the dollar is giving Bitcoin some momentum to possibly test multi-year highs. Historically, a weaker United States Dollar leads to strength across other “safe haven” assets. By analyzing the correlation, such momentum and conclusion can also be drawn with Bitcoin (BTC) and the USD.Bitcoin has gained in 2020 as the U.S. Dollar Currency Index (DXY) has been having a tough year. But will this momentum continue in the coming months? Let’s take a closer look at the charts.Bitcoin has to hold the $11,000 support level to avoid a CME gap test at $9,600BTC/USD 1-day chart.....
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