Decision Time In The Dollar Could Impact Bitcoin Trend Dramatically

Bitcoin price is back trending upward after reclaiming $50,000 and the pivotal $1 trillion market cap level. With new all-time highs in sight, the only factor that could have a dramatic impact on the current crypto market trend, is a reversal in the dollar. This reversal has been brewing for some time, but has yet to come to fruition. It’s now decision time, and what happens in the dollar in the next 24 to 48 hours is especially critical for the continued bull market.
How Bitcoin Has Benefitted From Ongoing Stimulus Efforts
The last year has been among the worst in the dollar’s history, seeing a historic decline in the face of continued debasement by the US government. As more stimulus packages are approved, the overall fiat money supply continues to balloon and swell to unprecedented proportions.
With the value of the dollar in decline, investors have sought to put capital in the stock market, and cryptocurrencies like Bitcoin. Once Bitcoin and Ethereum took such a commanding lead over stocks, the crypto bull trend kicked into overdrive and has barely looked back since.
Bitcoin has since emerged as the “stimulus asset” according to economists, making it the best hedge against post-pandemic inflation. However, if the dollar begins to turn around, it could cause a massive pullback in cryptocurrencies and equities, potentially ending the bull market.

If the dollar can break through the current resistance level, Bitcoin and equities could sell off | Source: …
Story continues on Bitcoinist

Related posts
BitcoinBTC Trading ViewNewsNews 1SocialTrading View

What should you know about Bitcoin's supply shortage?

Following a massive recovery from the drop below the $49,000-level, Bitcoin made a comeback to hit $54,000 on the charts. However, while BTC’s price performance is worth noting, what might have been mThe post What should you know about Bitcoin’s…

Grayscale parent Digital Currency Group plans to buy $250M of its own GBTC shares

In a further sign of a shake-up in the institutional market, DCG is eyeing the purchase along with hiring ETF specialists. Cryptocurrency asset manager Grayscale has a new buyer of shares in its Grayscale Bitcoin Trust (GBTC) — its owner.In…
BitcoinBTC Trading ViewNewsNews 1SocialTrading View

Bitcoin at $57,000 before the weekend? Here's why it is possible

Despite GBTC trading at a discount, Bitcoin’s price has been rallying on the charts lately. At the time of writing, BTC was trading at $54,000, with the cryptocurrency recovering somewhat from its ranThe post Bitcoin at $57,000 before the weekend?…