{"id":52008,"date":"2024-11-15T01:02:00","date_gmt":"2024-11-15T01:02:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/analyst-says-strong-dxy-no-good-for-bitcoin-price-urges-leverage-traders-to-be-careful"},"modified":"2024-11-15T04:18:16","modified_gmt":"2024-11-15T04:18:16","slug":"analyst-says-strong-dxy-no-good-for-bitcoin-price-urges-leverage-traders-to-be-careful","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52008","title":{"rendered":"Analyst says strong DXY no good for Bitcoin price, urges leverage traders to be \u2018careful\u2019"},"content":{"rendered":"

The United States dollar rising to year-to-date highs has raised concerns about the sustainability of the current Bitcoin bull run, with a crypto analyst warning traders to be cautious about making overly speculative bets.<\/p>\n

\u201cThe macro backdrop has soured. Dollar strength is not good for Bitcoin,\u201d Real Vision chief crypto analyst Jamie Coutts said in a Nov. 14 X post.<\/p>\n

Bitcoiners should be wary of leverage amid USD highs<\/h2>\n

Coutts pointed to his \u201cliquidity framework\u201d chart \u2014 which illustrates a historical negative correlation between USD and Bitcoin\u2019s (BTC) price \u2014 to suggest that Bitcoin\u2019s price is \u201csensitive to short- to medium-term momentum shifts,\u201d while cautioning traders to \u201cbe careful with leverage.\u201d<\/p>\n

\"Cryptocurrencies,
Source: <\/em>Jamie Coutts<\/em><\/p>\n<\/figcaption><\/figure>\n

Coutts said that the long-term outlook is \u201cbullish,\u201d though the chart signals \u201ccaution\u201d in the short term.<\/p>\n

According to TradingView data, the US Dollar Index (DXY) \u2014 which tracks its strength against a basket of major currencies \u2014 is 106.7, up 3.18% since Nov. 6, the day after Donald Trump won the US presidential election.<\/p>\n

Several recent reports have pointed to Trump\u2019s victory as a significant factor behind the strengthening dollar, with \u201cspeculation that T-note yields will increase as inflation increases\u201d due to Trump\u2019s pro-tariff policies.<\/p>\n

USD uptrend a worry for BTC investors<\/h2>\n

Over the same period, Bitcoin\u2019s price has risen by almost 28%. Still, the uptrend in safer assets like the dollar raises concern for Bitcoin traders, as there has historically been an inverse relationship between the two.<\/p>\n

Related: <\/strong><\/em>Hitting and holding $100K Bitcoin price depends on $11.8B end-of-year BTC options expiry<\/strong><\/em><\/p>\n

In July 2022, Cointelegraph reported that Bitcoin dropped more than 60% on the year, while the dollar had surged, with the DXY hovering around its January 2003 highs of 105.8, amid recession fears<\/p>\n

Coutts warned that \u201cDXY is right at the resistance level. A break above here would not be good for risk assets.\u201d<\/p>\n

\"Cryptocurrencies,
Source: Jamie Coutts<\/p>\n<\/figcaption><\/figure>\n

Still, he said that \u201cthis somewhat bearish backdrop\u201d could be reversed by positive announcements from the US Federal Reserve or the Central Bank of the People\u2019s Republic of China (PBoC).<\/p>\n

Magazine: <\/strong><\/em>Off The Grid\u2019s success shows \u2018invisible\u2019 blockchain is the winning play<\/strong><\/em><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The United States dollar rising to year-to-date highs has raised concerns about the sustainability of the current Bitcoin bull run, with a crypto analyst warning traders to be cautious about making overly speculative bets. \u201cThe … Analyst says strong DXY no good for Bitcoin price, urges leverage traders to be \u2018careful\u2019<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52009,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-52008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nAnalyst says strong DXY no good for Bitcoin price, urges leverage traders to be \u2018careful\u2019 - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=52008\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst says strong DXY no good for Bitcoin price, urges leverage traders to be \u2018careful\u2019 - 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