Bitcoin set for potential rally as DXY shows signs of reversal and the anticipated U.S. debt ceiling suspension provides fiscal relief
The DXY, which measures the greenback against a basket of six major currencies, has been a key factor influencing Bitcoin's price. The strength of DXY is inversely proportional to Bitcoin, which means that when the dollar index strengthens, Bitcoin generally weakens, and vice versa. The anticipated turning point in the DXY at levels of 106-107 could indicate a bullish run for Bitcoin.
A shift in macroeconomic conditions could potentially bolster Bitcoin's momentum. It remains to be seen whether the debt ceiling deal will pass on Wednesday. As of now, Bitcoin is trading at $27,822, according to data from CoinGecko. Although the cryptocurrency has slid slightly from its two-week high, market observers are keeping a close eye on the U.S. economic climate and DXY levels, anticipating these could fuel a significant Bitcoin rally.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Volatility Ahead as Bitcoin (BTC) Set to Move Out of Equilibrium: Glassnode⚠️ glassnode predicts market volatility ahead! What makes the analytics provider think so? Check more here - Bitcoin $BTC crypto
Read more »
Bitcoin transaction fee revenue soared this month thanks to OrdinalsBitcoin transaction fee revenue skyrocketed in May thanks to the growth in bitcoin NFTs.
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Back Above $28,000, as ‘Death Cross’ Approaches – Market Updates Bitcoin NewsBitcoin was once again trading above $28,000 on Tuesday, as the 10-day and 25-day moving averages neared a death cross.
Read more »
Ordinals Inscriptions on Bitcoin Surpass 10 Million, Fueling NFT and Token Boom – Bitcoin NewsThe Bitcoin blockchain reached a significant milestone this week as the total number of Ordinal inscriptions exceeded 10 million.
Read more »
DKB reveals comeback scheduler for 'I Need Love' | allkpopDKB is getting ready for their comeback!As reported, the Brave Entertainment boy group will be making their first comeback since their successful …
Read more »