A Look at the US Dollar as Bitcoin Wobbles Around $50,000

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Halfway through the first quarter of 2021, the US dollar has performed fairly better against the booming risk-on sentiment that has witnessed the S&P 500, the Dow Jones, the Nasdaq Composite, and even Bitcoin achieve their respective record highs. The greenback showed resilience against bears in the first month, a sentiment that spilled over onto the first week of February, taking the US dollar index’s bid to its two-month high of 91.583. But afterward, the bullish theme fell flat as sellers sold the dollar’s top to secure short-term profits. US dollar index maintains support near 90.118. Source: DXY on TradingView.com But… …bears have not attained full control—at least, yet. Investors continue to pit the dollar against loose and dovish monetary policies by the Federal Reserve and the new US government’s expansive stimulus package plans. Meanwhile, they also anticipate that a strong rebound in the US economy would reduce the downside…

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