【As the US Dollar Index Weakens, Bitcoin Expected to Rise—Analyst】
Bitcoin's failure to break through $70,000 has been attributed to the influence of the Dollar Index (DXY) by analysts from the Thinking Crypto Podcast. Over the past two months, DXY has continued to rise, putting pressure on Bitcoin, but Bitcoin has still maintained some resilience. Analysts point out that DXY is nearing overbought territory, and its anticipated pullback is expected to trigger a rebound in Bitcoin, especially with the upcoming US elections and overall economic changes, which may propel the crypto market into a parabolic rise in November.
On lower time frames, Bitcoin is showing an upward trend, with prices exhibiting higher highs and higher lows, strengthening bullish signals. The current price is $67,770, slightly above last week's low of $65,000, indicating a continued strengthening of bullish market sentiment. Analysts emphasize that a bull market will inevitably arrive, noting that 'smart money' is accumulating during the pullbacks, while retail investors are panic selling.
