{"id":433147,"date":"2020-08-03T20:00:47","date_gmt":"2020-08-03T20:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=433147"},"modified":"2024-06-11T14:06:02","modified_gmt":"2024-06-11T14:06:02","slug":"bouncing-dollar-bad-news-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bouncing-dollar-bad-news-bitcoin\/","title":{"rendered":"Here’s Why a Bouncing U.S. Dollar Is Bad News For Bitcoin"},"content":{"rendered":"

The dollar sank in July to the lowest point in two years in response to more stimulus money<\/a> being printed to inflate the economy. At the same time, Bitcoin spiked to the highest level in over a year.<\/p>\n

The dollar has since bounced, and the leading cryptocurrency by market cap experienced its first powerful pullback since the recent uptrend began. Here’s how a bouncing dollar may just be the start of bad news for Bitcoin.<\/p>\n

Dollar Drops To Dangerous Two-Year Lows, But Bounce May Just Be Beginning<\/h2>\n

Bitcoin, like most assets across the global market, trades against the almighty dollar. The dollar’s role as the global reserve currency means that it is the most common base currency across trading pairs and exchange rates.<\/p>\n

The dollar has spent nearly the last 100 years in power<\/a>, helping the United States grow to become the world’s economic superpower.<\/p>\n

Related Reading | Bitcoin\u2019s Perfect Storm On The Horizon As Analyst Calls For \u2018Inevitable\u2019 Dollar Collapse<\/a><\/strong><\/em><\/p>\n

But since the pandemic began, the dollar has been weakening, falling to the lowest rate on the DXY dollar currency index in two years. The currency has fallen against other major currencies like the yuan, precious metals like gold<\/a>, and cryptocurrencies across the board.<\/p>\n

Bitcoin broke above resistance at $10,000 and rocketed to $12,000, while major altcoins like Ethereum and XRP began soaring<\/a>.<\/p>\n

Overnight Saturday night, profit-taking from a large whale<\/a> may have prompted the first signs of rejection in Bitcoin’s uptrend. Or, according to an uncanny correlation with the dollar, a bounce in the reserve currency may have been responsible for the crypto asset’s decline.<\/p>\n

\"bitcoin<\/p>\n

Inverse Bitcoin BTCUSD Versus DXY Dollar Currency Index Correlation Comparison | Source: TradingView<\/a><\/pre>\n
Dead Cat Bounce, Or Will The USD Recovery Erase Bitcoin’s Recent Rally?<\/h2>\n
The dollar is bouncing<\/a>, and although it is unclear currently if this is the first sign of a reversal, or if its just a dead cat bounce<\/a>\u00a0before the global reserve currency tanks harder.<\/p>\n
Analysts have been calling for as much as a 35% or more collapse in the dollar<\/a> versus other major currencies. And while that has yet to happen, the dollar has indeed been plummeting.<\/p>\n
According to an inverse Bitcoin chart<\/a>, the asset has been trading almost exactly opposite the dollar index. The cryptocurrency’s strength almost appears to be entirely dependant on the dollar’s decline and weakness.<\/p>\n
Related Reading | Why Crypto is the Best Insurance Policy For Long-Term Wealth Preservation<\/a><\/strong><\/em><\/p>\n
With USD bouncing and Bitcoin price action playing out totally inverse to the dollar, a strong recovery in the fiat currency could erase recent crypto gains.<\/p>\n
While such a scenario is certainly possible, things could also turn increasingly bullish for Bitcoin if the dollar continues its descent, or perhaps falls completely from its pedestal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"
The dollar sank in July to the lowest point in two years in response to more stimulus money being printed to inflate the economy. At the same time, Bitcoin spiked to the highest level in over a year. The dollar has since bounced, and the leading cryptocurrency by market cap experienced its first powerful pullback since the recent uptrend began. Here’s how a bouncing dollar may just be the start of bad news for Bitcoin. Dollar Drops To Dangerous Two-Year Lows, But Bounce May Just Be Beginning Bitcoin, like most assets across the global market, trades against the almighty dollar. The dollar’s role as the global reserve currency means that it is the most common base currency across trading pairs and exchange rates. The dollar has spent nearly the last 100 years in power, helping the United States grow to become the world’s economic superpower. Related Reading | Bitcoin\u2019s Perfect Storm On The Horizon As Analyst Calls For \u2018Inevitable\u2019 Dollar Collapse But since the pandemic began, the dollar has been weakening, falling to the lowest rate on the DXY dollar currency index in two years. The currency has fallen against other major currencies like the yuan, precious metals like gold, and cryptocurrencies across the board. Bitcoin broke above resistance at $10,000 and rocketed to $12,000, while major altcoins like Ethereum and XRP began soaring. Overnight Saturday night, profit-taking from a large whale may have prompted the first signs of rejection in Bitcoin’s uptrend. Or, according to an uncanny correlation with the dollar, a bounce in the reserve currency may have been responsible for the crypto asset’s decline. Inverse Bitcoin BTCUSD Versus DXY Dollar Currency Index Correlation Comparison | Source: TradingView Dead Cat Bounce, Or Will The USD Recovery Erase Bitcoin’s Recent Rally? The dollar is bouncing, and although it is unclear currently if this is the first sign of a reversal, or if its just a dead cat bounce\u00a0before the global reserve currency tanks harder. Analysts have been calling for as much as a 35% or more collapse in the dollar versus other major currencies. And while that has yet to happen, the dollar has indeed been plummeting. According to an inverse Bitcoin chart, the asset has been trading almost exactly opposite the dollar index. The cryptocurrency’s strength almost appears to be entirely dependant on the dollar’s decline and weakness. Related Reading | Why Crypto is the Best Insurance Policy For Long-Term Wealth Preservation With USD bouncing and Bitcoin price action playing out totally inverse to the dollar, a strong recovery in the fiat currency could erase recent crypto gains. While such a scenario is certainly possible, things could also turn increasingly bullish for Bitcoin if the dollar continues its descent, or perhaps falls completely from its pedestal.<\/p>\n","protected":false},"author":517,"featured_media":433151,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,1817,4324,4524,76835],"class_list":["post-433147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-dollar","tag-usd","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nHere's Why a Bouncing U.S. Dollar Is Bad News For Bitcoin<\/title>\n<meta name=\"description\" content=\"The dollar sank in July to the lowest point in two years in response to more stimulus money being printed to inflate the economy. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here’s Why a Bouncing U.S. Dollar Is Bad News For Bitcoin","url":"http:\/\/wncen.com\/news\/bouncing-dollar-bad-news-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bouncing-dollar-bad-news-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-dollar-bad-newsDepositphotos_9091314_xl-2015-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-dollar-bad-newsDepositphotos_9091314_xl-2015-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","dollar","usd","xbt","xbtusd"],"dateCreated":"2020-08-03T20:00:47Z","datePublished":"2020-08-03T20:00:47Z","dateModified":"2024-06-11T14:06:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here’s Why a Bouncing U.S. Dollar Is Bad News For Bitcoin\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bouncing-dollar-bad-news-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bouncing-dollar-bad-news-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/bitcoin-dollar-bad-newsDepositphotos_9091314_xl-2015-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/bitcoin-dollar-bad-newsDepositphotos_9091314_xl-2015-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"dollar\",\"usd\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2020-08-03T20:00:47Z\",\"datePublished\":\"2020-08-03T20:00:47Z\",\"dateModified\":\"2024-06-11T14:06:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-dollar-bad-newsDepositphotos_9091314_xl-2015-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/433147"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=433147"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/433147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/433151"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=433147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=433147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=433147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}