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• The DXY Dollar Currency Index has the potential to weaken or strengthen the crypto market.
• A bearish crossover in the DXY could cause further collapse across crypto and other assets.
• Bitcoin is up more than 40% to start 2023, with many cryptos posting hundreds of percent rallies.
The Potential Impact of a Bullish or Bearish DXY
The almighty dollar and the once trending DXY is at an important inflection point, with the potential to cripple the blossoming bull market in Bitcoin and the rest of crypto, or propel it to new heights. The Devastating Impact Of Dollar Dominance 2022 devastated cryptocurrencies and other risk assets due to the seemingly endless dominance of the dollar. As momentum began to turn down in the DXY, it started to turn up across crypto. This means that if USD is strong, then any cryptocurrency trading pairs using USD will weaken in value as well.
DXY At An Important Inflection Point
Don’t wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today! After retracing back to COVID levels, the DXY is attempting to find support. But according to MACD momentum indicators, it could prove too heavy for the US dollar defend against leading a bearish crossover on its one month chart which could create dramatical decline in its index value across all currencies resulting in further collapse across bitcoin markets and other risk asset classes.
Bitcoin’s Rising Momentum
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Conclusion
Therefore it is important for people interested in bitcoin markets and cryptocurrency trading pairs that heavily depend on USD strength should take into account movements of US dollar currency index before taking any decisions regarding their investments because this can have long term effects on their portfolios performance if not taken seriously into consideration when investing..
Opportunity For Growth
However if macd fails confirm a bearish crossover diverges upward instead then could lead investors towards great opportunity for growth by exploiting sudden change direction created due divergence from current trend so investors should keep their eyes open for such scenarios..