Bitcoin escapes dollar rebound attempts while the greenback is trying to make a recovery against the top cryptocurrency that could leave the asset battered so let’s read more in our latest bitcoin news.
Bitcoin escapes dollar rebound but if history repeats and the dollar surges, a short-term bearish phase will be coming to the market. 2021 has been the best year for bitcoin so far while 2020 was the worst for both the dollar and the cryptocurrency as the sentiment turned negative and the inflation fears pushed investors towards assets like gold and crypto. According to the DXY Dollar currency Index that weighs the dollar against the bucket of national forex assets, a comeback is preparing.
The chart shows the DXY breaking out the falling wedge pattern and is coming back down to retest the former resistance line as support so when this is done, another push higher could result. Bitcoin remained unaffected by the dollar’s advance despite half of the crypto’s main trading pair featuring fiat currency. What coincided with the breakout of the falling wedge, was the MACD momentum indicator that turned upwards. Past instances of the same pattern broke upwards combined with the bullish crossover on the MACD that led to an upside in the DXY.
The leading cryptocurrency by market cap escaped the dollar’s rebound so far but a bear phase will soon be coming that will set back the current uptrend. Each time a MACD crossed bullish on the DXY it eventually led to an extended bear market in BTC. BTC was in an uptrend for about a year since the Black Thursday event back in 2020 but time could be running out. The MACD hasn’t crossed over just yet but started turning upwards.
BTC hasn’t lost it all yet because an inverse head and should on the high timeframes have completed on the DXY which will confirm it as resistance and will result in the biggest collapse in the dollar’s history. This scenario could suggest a bear phase in BTC that will arrive sooner than later but that it will be short-lived. Once this ends, BTC could take over as the leading global reserve currency.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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