As a result, Bitcoin has been selling off on fears that future of currency may not be Bitcoin, but rather simply digital fiat currencies.
In February, Bitcoin began forming a rounding top formation and reached its all-time high on April 14th at 64895.22, which happened to be the same day as the Coinbase IPO .
It’s difficult to determine where BTC may bounce to if it is following DXY, as we don’t yet know if today’s low is going to be the low to measure from.
Which is right? If traders believe that DXY will continue to act as a leading indicator for Bitcoin, they should expect Bitcoin to bounce.
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