Break that, and 94.60 is next.” “$DXY is already testing 93.40. Source: Justin Bennett/Twitter
I’m anticipating a decent bounce from there, and I’ll be well positioned in the event the macro picture turns bullish again.” “As bearish as I’ve been lately (and rightfully so), I do plan on flipping from net short to long near $BTC $39,000 if we get it.
Bennett has his eye on the US dollar index (DXY) – the USD versus a basket of other major currencies – as a potential catalyst for a further correction in BTC. Typically, a stronger DXY can correlate with many asset prices weakening.
Bennett also posits that Bitcoin could be replicating its price action from April to May of this year just before BTC tumbled from $58,000 to $30,000. “April – May on the left. Source: Justin Bennett/Twitter
“And the next time someone tries to tell you there’s no correlation between BTC and DXY, tell them they’re wrong.” According to the analyst, Bitcoin has a strong correlation with the dollar index.
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- Crypto Markets Take a Dip – See How Bitcoin Could Fall Before Analyst Justin Bennett Reverses Rising on BTC
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