DXY Slumps, Bitcoin Poised for More Upside

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Bitcoin maintaining its inverse correlation to the US dollar means big wins on the horizon as the dollar strength DXY index trails below key moving averages.

The US Dollar Index (DXY) is below its yearly moving average and more than six points below its 200-day equivalent.

Bitcoin should stand to benefit from the trend thanks to its traditional inverse correlation to DXY.

BTC price action has yet to follow historical precedent on the dollar.

Bitcoin stands to benefit from US debt and dollar weakness as the greenback sets a two-decade record. 

New research from onchain analytics platform CryptoQuant on Tuesday reaffirms Bitcoin’s inverse correlation with the US Dollar Index (DXY).

BTC price tailwinds stack up as DXY sags
BTC price strength continues to receive a tailwind from the US dollar, which this month bounced off its lowest levels versus trading-partner currencies since early 2022.

DXY fell to 96.377 on July 1, data from Cointelegraph Markets Pro and TradingView shows — a level not seen in over three years, with the dollar strength yardstick down over 10% year-to-date.

The dubious achievements, however, do not end there; CryptoQuant reveals that versus its 200-day moving average (MA), DXY is circling a zone which it last visited more than 20 years ago.

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