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The Dollar Regains Lost Ground, But Bitcoin Yet To React

Bitcoin price is once again approaching current record highs, and now that the momentum is back in favor of bulls, new all-time highs could soon be just ahead. While this is mostly nothing new for the leading cryptocurrency by market cap, the recent rally back to local resistance has happened all while the dollar has strengthened significantly.
What exactly does this mean for the ongoing cryptocurrency bull market? And why is the dollar suddenly performing so well despite continued debasement? 
The Dollar Begins To Rise From Year-Long Bearish Descent
Bitcoin price is only a mere $1,000 away from reclaiming $60,000 and making an attempt at setting another new record high. The powerfully trending cryptocurrency has been consolidating for weeks, potentially building a base at which to rocket higher from.
Much of the initial uptrend was not only due to the strength of Bitcoin, but also due to the weakness in the dollar – the global reserve currency. As one half of the most dominant BTC trading pair, the dollar’s free fall since the pandemic began has been one of the most widely discussed topics in finance.
RELATED READING | THE DOLLAR’S ROLE IN THE BITCOIN BLOODBATH EXPLAINED
The US alone has added trillions of dollars in money supply due to ongoing stimulus efforts, weakening the buying power of the leading fiat currency. The narrative of only 21 million BTC along with rising hyperinflation fears has propelled Bitcoin and crypto into super stardom as of late.
But being bearish on the dollar has long …
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