CandleFocus Bitcoin's Inverse Ties With Dollar Index Challenged as U.S. Election Looms
2024-10-16
Author: Content Editor
Options trading data suggests a bullish near-term outlook for Bitcoin (BTC) and a potential breakdown of its negative correlation with the US dollar index (DXY). One-month 25-delta BTC risk reversals indicate a bullish bias for the next four weeks, while dominant crypto options exchange Deribit's election contracts also show positive values, indicating a bias for call options. Meanwhile, options on the euro-dollar (EUR/USD) and GBP/USD suggest concerns of continued dollar strength. The bullish sentiment towards BTC coincides with rising odds of a potential Trump victory in the US Presidential Election, as traders build positions expecting a further rally in the cryptocurrency.
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