2023-9-18 13:38 |
Quick Take
The trend between Bitcoin and the US Dollar Index (DXY) continues to reveal fascinating insights.
As of press time, Bitcoin is again trading at $27,000, yet DXY remains above 105.
Historically, high DXY values have coincided with lower Bitcoin prices, specifically during periods of financial turbulence. For instance, the last time DXY traded at 105 was in March, during the regional bank crisis, when Bitcoin was valued at less than $20,000.
Prior to that, in Q4 2022, the DXY was also at a similar level during the infamous FTX collapse, and Bitcoin was trading at a significantly lower $17,000.
This recurring pattern suggests a potential inverse relationship between the DXY and Bitcoin in times of financial crisis. However, it’s important to note that this data correlation does not infer causation, and further analysis is necessary to account for other influential market factors.
BTC:DXY relationship: (Source: Trading View)The post Bitcoin hits $27,000, as the DXY index consolidates above 105 appeared first on CryptoSlate.
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