CandleFocus Competition Between Bitcoin and Dollar Is Ending! Analysts Said Inverse Correlation May Be Broken, Shared Bullish Signal for Both BTC and Dollar!
2024-10-16
Author: Content Editor
The historical negative correlation between Bitcoin and the Dollar Index (DXY) may be changing, according to analysts. Options data from the Chicago Mercantile Exchange suggests a bullish trend for Bitcoin over the next four weeks, while the 30-day risk reversal in the Euro-Dollar pair indicates a stronger dollar. Analysts believe that Bitcoin has started to ignore the dollar index, signaling a potential positive correlation between DXY and BTC. Investors are taking long positions and expect Bitcoin to continue rising towards $70,000. The US elections have been a dominant narrative for Bitcoin and cryptocurrencies in recent months.
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