Oh, gather ’round, dear readers, for a tale of the US dollar index (DXY) that’s tumbling down like a clumsy elephant on roller skates! 🐘💥 It’s having one of its biggest weekly plummets since 2013, and guess what? The Bitcoin (BTC) bulls are prancing about with glee, dreaming of a rally that could make even the grumpiest of bears crack a smile! 🐻✨
Will Bitcoin See An Uptrend?
Now, hold onto your hats! BTC has taken a nosedive of nearly 10% in the last fortnight, all thanks to the stern-faced folks at the US Federal Reserve and their trade tariff tantrums with Canada, Mexico, and China. Oh, the drama! 🎭
Since March 3, the DXY has slipped more than 3%, tumbling from 107 to 103, like a slippery banana peel! 🍌 This has ignited a spark of hope among crypto enthusiasts, who are now whispering sweet nothings about a potential rally. Historical data, like a wise old owl, seems to agree!
Remember the $15,000 BTC bottom from the FTX fiasco in November 2022? Well, the DXY has had similar dramatic declines during the COVID crash in March 2020 and back in the 2015 bear market when Bitcoin was a mere $250! Can you believe it? 🤑
On all three occasions when the DXY took a dive of more than -4 standard deviations, BTC found its footing and bounced back like a rubber ball! 🎈 Crypto analyst Merlijn The Trader has been keeping a keen eye on this DXY-BTC tango and shared some juicy insights on X.
In a recent post, the analyst pointed out that whenever the DXY’s Moving Average Convergence Divergence (MACD) turns bearish, BTC tends to throw a little party and rally! 🎉 And look at this chart! Isn’t it a sight for sore eyes?
Another wise soul, Rekt Capital, chimed in with a similar tune, suggesting that BTC has likely formed a higher low after a little dip, hitting a low of $78,258 on February 28. Quite the rollercoaster, isn’t it? 🎢
Important To Clear The $90,000 Resistance
Now, let’s talk about the magical $90,000 resistance! Daan Crypto Trader, a fellow adventurer in the crypto jungle, hinted that BTC might just be eyeing new all-time highs (ATH) around $120,000 if it keeps playing nice near the range lows. How thrilling! 🎇
“We’ve seen this during every consolidation this cycle where it breaks lower, fails to see continuation, retakes the range and moves higher from there. Let’s see how this one turns out. That ~$90K level remains key.”
Recent whispers from CryptoQuant suggest that BTC may have already found its bottom. And seasoned analyst Ali Martinez has pointed out that BTC is hitting oversold levels not seen since August 2024, which could mean a trend reversal is just around the corner! 🎊
But wait! There’s a twist! BTC is also facing a bearish deviation as it fills a new Chicago Mercantile Exchange (CME) gap, which might just rain on our parade. At the time of writing, BTC is trading at $86,870, down 3.3% in the last 24 hours. Oh, the suspense! ⏳
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2025-03-08 12:49