Data questions the “thesis” of the correlation of DXY with the rises and falls of Bitcoin

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Currently, there seems to be a widespread assumption that when the value of the US dollar rises against other major world currencies, as measured by the DXY index , the impact on Bitcoin ( BTC ) is negative.

Traders and insiders have been warning about this inverse correlation, and how the eventual reversal of the move would likely drive Bitcoin price higher.

Analyst CryptoBullGems recently reviewed how the DXY index looks overbought after its relative strength index (RSI) topped 78 and could be the start of a pullback for the dollar.

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