Dollar Rally Exposes Bitcoin's Weakest Performance Since 2015
The recent dollar rally has exposed weaknesses in Bitcoin's performance since 2015. According to Glassnode, across every dollar rally since that year, Bitcoin showed significantly more relative strength than it currently is.
This reversal of fortunes is seen as a positive sign for crypto market correlation with the US dollar. Historically, when the dollar has rallied, Bitcoin has often performed better, but this time around, BTC seems to be taking a hit worse than any previous dollar rally on record.
The current price action at $63,110.41 is below resistance levels set by the EMA50 and EMA200 on the 4-hour chart, confirming a bearish trend structure. The MACD death cross at -361.41 keeps momentum negative, while the RSI at 39.85 holds neutral inside the Bollinger band.
Traders are now watching for any reversal in dollar strength to reset BTC price prediction models and ease crypto market technical analysis headwinds.