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Is The Dollar Index Making New 2021 Highs Dangerous For Bitcoin?
Nedávne nervy na akciovom trhu a makrosvete spôsobili prudký nárast dolára na nové maximum v roku 2021, rovnako ako Bitcoin continues to set new records.
Je však prebudenie dolára pre kryptomeny nebezpečnou situáciou, alebo sa chystá niečo iné?
BTC sotva zareaguje, keď DXY klepne Nové vysoké 2021Bitcoin price is in price discovery mode, after breaking its former high set earlier in the year. The cryptocurrency is pitched as a replacement for gold, and even the dollar – the current global reserve currency.
Cryptocurrencies, commodities, and everything else are priced in dollars as the most dominant currency acting as the base conversion rate. This means that Bitcoin price increases inversely to the dollar on the BTC/USD trading pair.
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So it is unusual that Bitcoin continues to tap new highs all while the DXY Dollar Currency Index has reached the highest level of all of 2021.
The dollar currency index has reached a new 2021 high | Source: DXY on TradingView.com The Dollar Strength Keeps Bitcoin Price At BayThe DXY is a weighted basket of forex currencies trading against the US dollar (USD). That basket includes major trade partners, the Euro (EUR), Japanese yen (JPY), British pound sterling (GBP), Canadian dollar (CAD), Swiss franc (CHF), and the Swedish krona (SEK).
The highs in the DXY could be indicative of weakness in the currencies in the basket, or strength in the dollar itself. Bitcoin’s current performance or lack of strong reaction after new highs, could more so be due to strength in the dollar holding the cryptocurrency back.
Not every touch of this trend line has been pleasant. | Source: BTCUSD on TradingView.comBoth assets making yearly highs is highly suspect, and could suggest a bigger reaction brewing in one or both sides of the BTC/USD pair. Bitcoin price also happens to be touching a trend line where such a reaction occurred in the past.
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An uptrend is defined as a series of higher highs and higher lows – something characteristic of both assets in the short term. What is very different between the two, is the longer term trend. For Bitcoin, the primary trend has been up while for the dollar has been down.
One of these assets is in an uptrend, the other is not | Source: BTCUSD on TradingView.comPo dokončení tohto krátkodobého pohybu by sa malo každé aktívum vrátiť na svoju predchádzajúcu trajektóriu, pokiaľ trend nie je pripravený na zmenu na dlhú dobu.
As bullish as I am on #Bitcoin, I can’t shake seeing this trend line touch. It’s worth some caution. I’ve added a Black Thursday fractal to convey the danger. If this happens, it just means a later and higher peak for the cycle. I still aim for sooner than later tho! pic.twitter.com/fPd7faDZb5
— Tony "The Bull" Spilotro (@tonyspilotroBTC) November 11, 2021
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Odporúčaný obrázok z iStockPhoto, grafy z TradingView.comOriginálny zdroj: NewsBTC