Bitcoin price is in price discovery mode, after breaking its former high set earlier in the year.
Cryptocurrencies, commodities, and everything else are priced in dollars as the most dominant currency acting as the base conversion rate.
The highs in the DXY could be indicative of weakness in the currencies in the basket, or strength in the dollar itself.
Both assets making yearly highs is highly suspect, and could suggest a bigger reaction brewing in one or both sides of the BTC/USD pair.
An uptrend is defined as a series of higher highs and higher lows – something characteristic of both assets in the short term.
As bullish as I am on #Bitcoin, I can’t shake seeing this trend line touch.
While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.