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What Does 689 Points Indicate in Bitcoin and DXY Relationship?
This Could Be the Last Resistance for Bitcoin Bulls: What Does 689 Points Mean in the BTC/DXY Pair?
When we examine the chart above, we can see that the critical resistance/level that Bitcoin needs to surpass before making a new ATH (all-time high) is 689 points.
Historically, the periods when Bitcoin bull rallies have accelerated have been the times when the BTCUSD/DXY pair reached the peak of the previous bull rally. In the current interim period, referred to as the ETF rally, Bitcoin has yet to close weekly above the previous rally's peak of 689 points.
Therefore, we can say that a weak DXY is needed for a Bitcoin bull run. In a scenario where the DXY weakens and BTC strengthens following an interest rate cut in the coming weeks, we may witness this pair surpassing the 689-point level.
This is why it is crucial to keep an eye on 689 points in the BTCUSD/DXY.
Thank you for reading.
When we examine the chart above, we can see that the critical resistance/level that Bitcoin needs to surpass before making a new ATH (all-time high) is 689 points.
Historically, the periods when Bitcoin bull rallies have accelerated have been the times when the BTCUSD/DXY pair reached the peak of the previous bull rally. In the current interim period, referred to as the ETF rally, Bitcoin has yet to close weekly above the previous rally's peak of 689 points.
Therefore, we can say that a weak DXY is needed for a Bitcoin bull run. In a scenario where the DXY weakens and BTC strengthens following an interest rate cut in the coming weeks, we may witness this pair surpassing the 689-point level.
This is why it is crucial to keep an eye on 689 points in the BTCUSD/DXY.
Thank you for reading.
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