Bitcoin price has always been affected by macroeconomic developments along with other major indices such as the S&P 500 Index, NASDAQ 100, and even Go
DXY rising has been a bearish signal for SPX and Bitcoin price in the past two years.
BTC has been standing strong and sharing a negative correlation with the S&P 500 Index might prevent a decline.has always been affected by macroeconomic developments along with other major indices such as the S&P 500 Index, NASDAQ 100, and even Gold. However, this time around, the situation might differ slightly as, unlike the rest of the investment options, theThe US Dollar Index is known to impact Bitcoin price along with the stock market and precious metals’ value.
Bitcoin price was expected to do the same, however, the cryptocurrency managed to surprise the market as it has stood firm above $26,000. The DXY hitting a ten-month high of 106.65 seems to bear no impact on BTC. What this means for the world’s largest crypto asset is that a rally might not be too far away.The DXY is presently overheated, as noted on the Relative Strength Index, sitting in the overbought zone above 70.
This would be just the opportunity needed by Bitcoin price to make a move. The development, according to market platform Santiment, suggests that a breakout might be in store as BTC has managed to stay afloat above $26,000.The optimism in the crypto market is building up as investors are looking for Bitcoin price to recover and post new year-to-date highs. Trading at $26,317, BTC would need a minor push to flip its 50- and 200-day Exponential Moving Averages into a support line. This is crucial in bringing about a recovery in the value of the digital asset.
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