Stronger dollar prospects risk pushing down Bitcoin price to $32K
The U.S. dollar index could rally further in the coming weeks, which is typically bad news for Bitcoin. The U.S. dollar's ability to continue its rally in Q2 could prove fatal for Bitcoin (BTC), which has demonstrated an inverse correlation with the dollar since January 2022.BTC/USD daily price chart featuring correlation with DXY. Source: TradingViewDollar paints "bull flag"The U.S. dollar index (DXY), which measures the greenback's strength against a basket of foreign currencies, reached its 21-month trading high of 99.82 on April 7, the highest level since May 2020. The index now looks....
Related News
Bitcoin prices edged lower on Wednesday, pressured by a stronger US dollar, as markets awaited the US Federal Reserve's monetary policy outlook and progress around a stimulus deal.
Bitcoin prices fell for the third consecutive session on Tuesday as a stronger US dollar countered the US Senate's approval of a long-pending coronavirus stimulus package.
Our yesterday's forecast came true, partly. Until the time of the release of the CPI, the Bitcoin vs. Dollar exchange rate was moving up to $460, but following the publication, the Dollar started to strengthen its positions on the market and the price of Bitcoin decreased to $441. We expected to see Bitcoin’s pullback to $425 and $410, which luckily for traders did not happen. This suggests that Bitcoin has a strong potential and investors trust in this cryptocurrency. However, the Dollar is the main competitor for the Bitcoin. Today we are waiting for a very important decision from the....
Data on Friday showed core personal consumption expenditure in the US surged to 3.42% year-over-year for the first time since 1991. Bitcoin (BTC) and the U.S. dollar fell in tandem while the S&P 500 refreshed its record high at open on Friday as the Federal Reserve's preferred inflation indicator surged to its highest levels in almost three decades.According to data shared by the US Bureau of Economic Analysis, the US Core Personal Consumption Expenditure (PCI) rose 0.5% in May, coming in below the estimation of 0.6%.Nevertheless, the expenditure rose 3.4% year-over-year, the highest level....
Timothy Coles is the man behind the profitable gold mine in the Yukon city of Dawson currently for sale for just over 3,200 BTC on luxury marketplace BitPremier. With more than 30 years of experience in the gold mining industry, Coles brings a unique perspective to digital currency and the concepts that underly the technology. He sees bitcoin as a one-of-a-kind type of asset. Coles told CoinDesk that he first learned about bitcoin while wintering in the Philippines. Casual research grew into more active investigation, leading to discussions about how bitcoin might fit into plans to sell....