Bitcoin Underperforms Against US Dollar Amid Recent Rally

Bitcoin's recent rally has come to an abrupt halt as it underperforms against the US dollar, breaking a pattern seen since 2015.

The DXY index measuring dollar strength against a basket of major currencies has held steady at around 100.14 since late July, while Bitcoin (BTC) has slid from its January peak near $97,860 to approximately $63,000 as of early August.

This divergence marks an uncomfortable turn for investors who expected Bitcoin to outperform the dollar during this rally phase.

The numbers tell a story of a sharp decline in Bitcoin's value, with a year-to-date drawdown of around 25-31% and a total decline from its October 2025 all-time high of roughly 50%.