Bitcoin (BTC) slipped to $63,888.86, marking a third consecutive day of decline and a near‑1% drop since midnight UTC.
Price Pressure on Bitcoin
Investors observed the leading crypto asset trading just below $63,900, while a handful of altcoins such as HASH, XLM and ENA each posted gains exceeding 7%. The 90‑day correlation between Bitcoin and the U.S. Dollar Index (DXY) recently registered at minus 0.82, indicating that a strengthening greenback typically drags the blockchain‑based token lower.
Dollar Index Near Breakout
The Dollar Index advanced 0.26% to 100.66, extending Wednesday’s 0.8% surge and positioning the gauge on the cusp of breaking a 13‑month trading range. Analysts note that a decisive breakout often triggers momentum‑driven buying, which could further elevate the DXY and suppress dollar‑denominated assets like Bitcoin.
Market Implications
Should the greenback maintain its upward trajectory, Bitcoin may revisit the critical 200‑week simple moving average at $62,258, a level that historically precedes substantial rebounds. Kraken economists warned that Bitcoin dips below this threshold have historically delivered median returns exceeding 100% over one‑ and three‑year horizons, offering a potential upside for patient investors.