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Bitcoin could hike, despite its correlation with DXY playing spoilsport
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The first week of November for Bitcoin was nowhere close to October’s first week gains of over 25%. While BTC is well above $65k now, the sideways movement that succeeded its last ATH left market participants skeptical of the king coin’s trajectory.
While there seemed to be no particular reason for the recent consolidation, there are some factors that may have directed this worrying trend.
Interestingly, there’s an inversely proportional relationship between DXY and BTC’s trajectory.
The DXY is an index that tracks the performance of the U.S dollar and over the last few years, BTC and the DXY have presented a striking relationship – Whenever DXY goes up, BTC’s price goes down, and vice versa.
In fact, in November, the hike in DXY seemed to
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