The periods of inverse movements between Bitcoin and the DXY index have never exceeded 36 days. The correlation metric ranges from a negative 1, meaning select markets move in opposite directions, to a positive 1, which reflects a perfect and symmetrical movement. A disparity or a lack of relationship between the two assets would be represented by 0.The metric has been below negative 0.6 since Aug. 19, indicating that both DXY and Bitcoin have generally followed an inverse trend.
Saying that Bitcoin holds an inverse correlation to the DXY index would be statistically incoherent since it had a negative 0.6 or lower in less than 30% of the days since 2021.On Aug. 17, officials at the United States Federal Reserve indicated that additional interest rate hikes would be needed until inflation eased substantially, according to the minutes from the July 27 meeting.The report caused the U.S.
Still, a correlation does not imply causation, meaning it is impossible to conclude that the DXY’s positive performance negatively impacted the Bitcoin price after the minutes from the Federal Reserve meeting were released.Even though pundits and influencers often use 20-day correlation data to explain daily price movements, one should analyze a more extended timeframe to understand the potential impacts of the DXY index on Bitcoin price.
More importantly, events solely relevant to the cryptocurrency might have distorted the metric, such as the
I believe this data and see no correlation
Hmm 🤔
1 - Absolute nonsense, at this point it is indeed correlated, technicals do not explain it. The FED is currently hiking rates and reducing the balance sheet. This takes out liquidity out of the market, and consequently out of more risky assets like crypto.
It is not clear how they are connected, and whether they are connected at all.
The only crypto that is connected with dollar is Tether.
No, banks will close, bitcoin will never bitcoin🔥
🚀 Thnks a millon.
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DXY showing nothing....we will exp breakdown
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Bitcoin Rainbow Chart Back to 0
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