Recent analytical data suggests that Bitcoin may enter a new growth phase as the U.S. dollar weakens. This change is actively being observed in markets and may influence investor sentiment.
U.S. Dollar and Its Impact on Bitcoin
The U.S. Dollar Index (DXY) is currently trading 6.5 points below its 200-day moving average, marking the largest downside deviation in over 21 years. Historical data shows that declines in the dollar often coincide with rises in Bitcoin prices as investors switch to alternative assets like cryptocurrencies.
Current Situation in the Derivatives Market
Data from Coinglass reveals a slight decrease in derivatives market activity, with open interest at $73.41 billion, while trading volume has dropped about 12% to $55.3 billion. This indicates traders' hesitation in the current macroeconomic environment.
Technical Signals for Bitcoin
Despite the fluctuations, bullish momentum signals are emerging on the technical front. Recent analysis indicates that Bitcoin has reclaimed its 50-day exponential moving average, which could signal the start of a new price rally. If current macro trends continue to support risk-on behavior among investors, it may lead to significant market changes.
The financial environment characterized by a weakening dollar and potential increased interest in Bitcoin may create favorable conditions for investors. The current timeframe observed may prove to be a starting point for new growth in crypto assets.
