Here’s How the U.S. Dollar’s Macro Bearishness Could Send Bitcoin Flying

ElcqFOxU4AAUCJz 653x660

Bitcoin is currently consolidating following its sharp decline seen yesterday The cryptocurrency is lacking momentum as its bulls and bears both seem to reach an impasse, which has struck a blow to its technical outlook One of the main reasons why BTC saw such a harsh rejection at $13,800 was due to a sudden surge in the US Dollar’s value seen yesterday This sent shockwaves throughout the market and stopped BTC from breaking the resistance it was consolidating against One analyst is noting that Bitcoin’s persistent inverse correlation to the USD’s value is a positive thing because it is expressing signs of immense macro weakness Bitcoin and the aggregated crypto market are struggling to gain any momentum at the moment, with yesterday’s selloff striking a serious blow to the uptrend seen throughout the past few days and weeks. Buyers have ardently defended against a sustained break below $13,000, with each…

Read the original article here