The U.S. dollar index could rally further in the coming weeks, which is typically bad news for Bitcoin.
The U.S. dollar’s ability to continue its rally in Q2 could prove fatal for Bitcoin (BTC), which has demonstrated an inverse correlation with the dollar since January 2022.BTC/USD daily price chart featuring correlation with DXY. Source: TradingViewDollar paints “bull flag”The U.S. dollar index (DXY), which measures the greenback’s strength against a basket of foreign currencies, reached its 21-month trading high of 99.82 on April 7, the highest level since May 2020. The index now looks poised to continue its upside move further as it breaks out of a classic bullish continuation pattern — called a “bull flag.”In detail, bull flags appear when the price consolidates lower inside a parallel descending channel after undergoing a strong uptrend (called flagpole). In theory, the pattern is resolved after the price breaks ou
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