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The US dollar index (DXY) is experimenting One of its largest weekly drops since 2013, fueling optimism for a potential rally among risky assets, including Bitcoin (BTC). The last time the Dxy saw such a clear helping hand, it was up to the Fiasco FTX in November 2022, which coincided with a bitcoin background.
Will Bitcoin see an upward trend?
The BTC is down almost 10% in the past two weeks, largely due to the bellicist position of the American Federal Reserve (Fed) and the concerns about the United States’s trade rates against Canada, Mexico and China.
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Since March 3, the DXY has slipped more than 3%, from 107 to 103 at the time of the editorial staff. This decline aroused hope among cryptocurrency investors for a potential rally. Historical data support these perspectives.
In addition to the bottom of the BTC of $ 15,000 formed in November 2022, the DXY experienced net limits similar to two other occasions – during the accident in March 2020 and on the 2015 bear market when the first cryptocurrency was negotiated at $ 250.
On the three occasions when Dxy has lost more than -4 standard deviations, BTC formed a background followed by a trend reversal which saw the digital asset resume its bullish momentum. Crypto Merlijn The Trader analyst shared his reflections on the Doxy-BTC relationship.
In a post X, the analyst noted that whenever the divergence of Mobile Doxy Average Convergence (MacD) has become down, the BTC has rallied. The analyst illustrated this with the following table.
The Crypto Rekt Capital analyst had a similar perspective. The analyst underlines that BTC probably formed a lower low after another downward deviation, which saw the cryptocurrency hit A hollow of $ 78,258 on February 28.
Important to identify the resistance of $ 90,000
Another Crypto trader, Daan Crypto Trader, suggested that BTC could target the new heights of all time (ATH) around $ 120,000 if it continues to consolidate the lower -reaching stockings. The merchant explained:
We saw him during each consolidation of this cycle where he breaks, fails to see the continuation, takes up the beach and moves higher from there. Let’s see how it reveals itself. This ~ $ 90,000 level remains the key.
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Recent analysis From cryptocurrency supports the view that BTC may have already formed a background. In addition, the experienced analyst of Crypto Ali Martinez recently highlighted That BTC has reached levels of occurrence that we have not seen since August 2024, probably signaling a short -term trend reversal.
That said, BTC is also facing A downward deviation because it fills a new gap from Mercantile Chicago Exchange (CME), which can alleviate the hopes of rapid price recovery. At the time of the press, BTC is traded at $ 86,870, down 3.3% in the last 24 hours.
Star image of Unplash, X graphics and tradingView.com
(Tagstotranslate) Bitcoin (T) BTC (T) BTCUSDT (T) Handy divergence (T) crypto (T) cryptocurrency
