Bitcoin price slips under $27K, but data shows BTC whales counter trading DXY strength
The US dollar index is encroaching on new year-to-date highs, but Bitcoin whale activity suggests this may be a dead cat bounce. As the summer season arrives, an unexpected heatwave is gripping financial markets This heat is coming in the form of the US Dollar (DXY) which has been on a remarkable uptrend since late April, reaching levels unseen since early March’s banking crisis when the dollar wrecking ball wreaked havoc on asset prices. This surge in the dollar has raised concerns among market participants due to its high inverse relationship with Bitcoin (BTC), a topic many macro and crypto analysts have discussed repeatedly in 2023. The implications of this inverse correlation means that when the dollar rises, BTC falls and vice versa. The chart below showing the year-to-date performances of DXY (blue line) and BTC (orange line) underscores this relationship a step further. Notice how, Bitcoin’s 2023’s performance has been propelled by a downward dollar. Not coincidentally, DXY re...