Bitcoin: Will the Negative Correlation with DXY Spark a Rally?
#Bitcoin❗ #Binance #BinanceTurns7 #BitcoinHistory
Bitcoin's negative correlation with the U.S. Dollar Index (DXY) has played a significant role in its price movements.
In late 2023 to early 2024, Bitcoin soared during a DXY rejection, rallying between $50K and $70K, fueled by Bitcoin ETFs.
However, Bitcoin's future depends on stock market trends and the DXY’s position relative to its 1W MA200.
A DXY rebound could trigger a Bitcoin decline, while a break below the 1W MA200 might lead to a larger BTC rally. Stock market performance remains crucial to Bitcoin's next move.
