The Bitcoin price has woken up from its Snow White slumber over the past two days. As NewsBTC reported, the price rally started shortly after the Dollar Index (DXY) showed weakness and suffered a sharp setback. For much of 2022, Bitcoin and the dollar index were inversely correlated. While the DXY was rising relentlessly and all fiat currencies around the world were depreciating, the USD was gaining massive strength. However, this trend was also extremely negative for the Bitcoin price, as a strong USD meant a weak Bitcoin. The inverse correlation was seen again on Tuesday. A prolonged period of weakness for the DXY could thus mean further momentum for the bitcoin market, which has a short-term bullish bias. In this respect, today (Thursday) is an important day for the Bitcoin market, as both the European Central Bank (ECB) will report on its future policies and the American GDP figures will be released. Related Reading: Reasons Behind The Bitcoin Price Rally – Is It Sustainable? Bitcoin Price At The Navel Of Central Banks Within the DXY, the dollar is currently near a more than one-month low against a basket of currencies in which the Euro has a weighting of 57.6%. The decline comes after speculation increased that the U.S. Federal Reserve will move to less aggressive rate hikes to mitigate recession risks. Rodrigo Catril, senior currency strategist at National Australia Bank, told Reuters that fundamentally, there are factor...
PEPE 60% Below ATH; Time For PEPETO?
