Bitcoin's inverse correlation with US dollar hits 17-month highs — what's next for BTC?
— Independent market analyst agres, Front, Date performances amid, Views, Appetite, Rule, Bitcoin could bottom around, Downside, Near 101, Tradingviewan early rate cut could happen — 1 min read
Bitcoin (BTC) has been moving in the opposite direction of the U.S. dollar since the beginning of 2022. The weekly correlation coefficient between BTC and the dollar dropped to 0.77 below zero in the week ending July 3, its lowest in 17 months. Bitcoin's correlation with the tech-heavy Nasdaq Composite reached 0.78 above zero in same weekly session, data from TradingView shows. Bitcoin, for example, has lost over 60% in 2022, while Nasdaq's returns in the same period stand around minus 29.72%. On-chain indicator predicts that Bitcoin could bottom around $15,600 in 2022. Meanwhile, the dollar's ability to continue its rally for the rest of 2022 could be hampered by a classic technical pattern. Source