The correlation between the dollar and bitcoin has fallen to a minimum since 2021
Bitcoin and the US dollar demonstrate multidirectional dynamics of movement. When the US currency adds in value, BTC, on the contrary, retreats.
Bitcoin is considered by most experts as a risky asset, so it trades in tandem with technology sector stocks and is highly dependent on the US stock market. As a result of the June sell-off, the BTC and dollar correlation index fell to the lowest level since January last year.
According to TradingView, this indicator is now -0.77. While bitcoin is trading just above $20,000, the US currency is holding at its highest level since 2003.
The second quarter turned out to be the most unsuccessful for the largest digital currency in the last ten years. According to its results, the value of bitcoin has fallen by more than 56%.
Whales, including miners, took part in the sales. According to the estimates of the Santiment team, the number of transactions worth more than $1 million in the bitcoin network has sharply increased last week. Whales entered the market after each BTC bounce.
According to analysts, large investors prevent the coin from making a breakthrough and prefer to sell during jumps.
https://coin-signal.com/cryptonews/the-correlation-between-the-dollar-and-bitcoin-has-fallen-to-a-minimum-since-2021/
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