The DXY rises and BTC hits a new weekly low. That shows the correlation between the two.
Bitcoin ( BTC ) responded to the US dollar gaining strength again on September 21. Like stocks, it fell, well below $ 11,000.
DXY surge leads to BTC weakness
Data from Bitcoin Pro and Cointelegraph Markets suggests that the BTC / USD pair hit a low of $ 10,570 on Monday. That is the lowest level in a week.
On Sunday, the price turned down at the resistance at $ 11,200 and Bitcoin lost around 3 percent that day. The macro markets on the stock exchange wobbled when they opened. At press time, the BTC / USD pair was trading at just over $ 10,600.
As Cointelegraph reported , several factors created uncertainty this week
These include the coronavirus, the economic policy of the central bank and another scandal in which large institutions are involved.
Cointelegraph Markets analyst Michaël van de Poppe had already expected the rejection at $ 11,200 . He warned that Bitcoin was unlikely to find the strength to turn previous support again.
At the same time, the DXY rose over 93 points on Monday. The corresponding decline in Bitcoin again suggests an inverse correlation.