The post BTC Live News : Is Bitcoin About to Enter a Bear Market – Here’s What Glassnode Data Predicts appeared first on Coinpedia Fintech News
As the world’s most popular cryptocurrency, Bitcoin has been on a wild ride over the past few years. But now, experts are warning that a bear market could be on the horizon, and the culprit might be none other than the U.S. Dollar Index (DXY).
Glassnode, a company that analyzes cryptocurrency trends, has been closely monitoring the DXY’s recent fluctuations. Since January 2021, the DXY has been on the rise, and this could be bad news for risk assets like Bitcoin.
DXY runs the show
Sluggish 2022 for risk assets due to DXY’s major bullish move since Jan 2021.
A decline in DXY can have a major bullish impact on risk assets.
In Sep 2022, DXY began another bear leg after inflation topped out.
Short-term bounce expected… pic.twitter.com/nGsgwTvjKJ
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) May 3, 2023
Opposite D
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