Today, the Dollar Currency Index saw a death cross on the daily timeframe. Bitcoin, as an asset trading against USD, is especially susceptible to strength or weakness in the greenback.
But what exactly happens when the dollar death crosses and what has this meant in the past for crypto?
DXY Dollar Currency Index Suffers Ominous Signal
Bitcoin was created as the anti-fiat solution in the face of unprecedented quantitative easing and big bank bailouts.
In many ways, its arch enemy should naturally be the almighty dollar. BTC also trades against USD as the primary conversion rate and most dominant trading pair.
When the dollar is strong, Bitcoin tends to be weak and vice versa. Today, the dollar showed the world a potential sign of weakness with a death cross on the DXY Dollar Currency Index.
A death cross appears | DXY on TradingView.com
What Does The Death Cross Mean For USD?
The DXY is the USD trading against a weighted…
