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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Here’s Why a Bouncing U.S. Dollar Is Bad News For Bitcoin

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin dollar fortune teller bounce

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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’s Perfect Storm On The Horizon As Analyst Calls For ‘Inevitable’ 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.

bitcoin btcusd dollar

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 before 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.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. 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’s 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’s 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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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