Bitcoin price slow to react as US dollar rally stops at 20-year highs

A failure to hold $40,000 comes as the U.S. dollar currency index finally weakens.
Bitcoin (BTC) stayed rangebound on April 29 as a welcome retracement saw the United States dollar come down from 20-year highs.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader eyes $40,600 as “crucial” breakerData from Cointelegraph Markets Pro and TradingView showed BTC/USD hugging support near $39,300 after failing to hold $40,000.The pair had managed some modest upside despite a “parabolic rally” in U.S. dollar strength throughout the week.The U.S. dollar index (DXY) finally began cooling on April 2 after reaching its highest levels since 2002.Despite its inverse correlation, BTC/USD had yet to show any signs of direct benefit from the changing mood at the time of writing.Cointelegraph contributor Michaël van de Poppe was, nonetheless, confident that bullish momentum would return to Bitcoin in the short term.“Bit

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