Inverse Signals: Why Bitcoin Weakness Is Attributed To Dollar Strength

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Inverse Signals: Why Bitcoin Weakness Is Attributed To Dollar Strength

NewsBTC2 months ago
Published on November 22, 2021 21:39 GMT+00:00edited on November 23, 2021 09:44 GMT+00:00

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Bitcoin price is currently on the ropes, potentially about to lose support at around $56,000. But could the recent weakness in the cryptocurrency market be more a factor of a strong dollar?

TD Sequential Triggers Anti-Correlated Signals On BTCUSD, DXY

Weeks ago, we posed the question if or not the Dollar Currency Index making new highs in 2021 was a dangerous situation for Bitcoin. After more than $10,000 per coin was wiped off the price of BTC, the answer was a resounding yes.

But much like the cryptocurrency uptrend in late 2020 and early 2021 came to an abrupt halt, even the dollar’s short-term destruction must at some point come to a full stop.

Related Reading | 10 Bullish Monthly Bitcoin Price Charts To Start November

The potential for a reversal is here, according to the TD …