Bitcoin rallies in the face of dollar strength
The dollar has continued to climb strongly over recent weeks. However, Bitcoin is also rallying. Will Bitcoin pull away now?...
- The dollar has been strengthening in recent weeks, reaching over 105 in the Dollar Index (DXY).
- Despite the dollar's strength, Bitcoin has been rallying and ignoring the impact of the dollar.
- Bitcoin has shown strength and bullish moves each time the DXY reaches 105, with significant price increases.
- The Federal Reserve's upcoming FOMC meeting will determine whether interest rates will be raised, dropped, or kept the same.
- Market expectations suggest rates will remain unchanged, but a hawkish speech from Fed Chair Jerome Powell could support the dollar.
- Bitcoin remains attractive to investors as a currency that cannot be debased and offers financial freedom.
- Over 75% of Bitcoin holders are long-term holders, indicating faith and belief in Bitcoin's potential for growth.
- The article concludes with a disclaimer that it is for informational purposes only and not intended as advice.
The sentiment of the article is generally positive towards Bitcoin, highlighting its strength and potential for growth. It also acknowledges the strength of the dollar but suggests that Bitcoin is defying the usual correlation. The article provides information and analysis without expressing a strong opinion.