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Marketcap: $ 2.06 T(0.18%)
24h Vol: $ 77.17 B
BTC Dominance: 48.69%

Bitcoin’s Bullish Rally: U.S. Dollar Weakens and BTC/USD Eyes $35,000

Bitcoin Could Surge as U.S. Dollar Weakens

Key Points:

• Bitcoin may experience a “parabolic curve” due to the weakening U.S. dollar.
• The U.S. dollar index (DXY) is testing support at 100, indicating dollar weakness.
• Traders believe that Bitcoin’s historical correlation with the dollar could lead to a bullish rally.
• The downward trend of the DXY is expected to continue, potentially pushing BTC/USD to $35,000.
• Traders consider the DXY the “single most important chart” for Bitcoin in 2024.
• Bitcoin’s price has historically reacted to changes in the DXY, with a move from 100 to 90 leading to significant bullish rallies.
• The last time the DXY traded at 100 was in mid-April 2022 when Bitcoin was around $40,000.

Hot Take:

As the U.S. dollar weakens, Bitcoin has the opportunity to shine. Traders are optimistic that the historical correlation between the DXY and Bitcoin could lead to a bullish surge, with a “parabolic curve” on the horizon. With the DXY testing support at 100 and the downward trend expected to continue, BTC/USD could reach $35,000. Keep an eye on the DXY as it could be the key to Bitcoin’s next big move.

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