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bitcoin dollar crypto winter

This Bitcoin Vs Dollar Comparison Says Crypto Winter Is Done

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin price is struggling to overcome resistance between $28,000 and $30,000 per coin. However, BTC and the US dollar  appear to be following a similar pattern as they both did in late 2020, which led to the most recent bull run in cryptocurrencies.

Check out this DXY versus BTCUSD comparison you cannot afford to miss and see why it could signal the official end of crypto winter.

Bitcoin Price Consolidates Below Resistance

Bitcoin price is currently trading at just below $28,000. Despite a lack of continued momentum at resistance, there has also been a distinct lack of a rejection.

In a market as volatile as crypto, prices rarely linger in a tight range very long. And when they do, the release in volatility is always worth the wait.

Related Reading: Bitcoin Momentum Change Sets Stage For Possible Stampede, Here’s Why

Due to a lack of a more prominent pullback, BTCUSD has consistently made higher highs and higher lows. Losing the current level would break that structure and a rounded support that’s been building for years. Holding it, however, could produce a move much like late 2020, when BTC when from $10,000 to $60,000 per coin.

The comparison below shows that much like BTCUSD struggled with $12,000 resistance then ultimately went explosive the moment if finally broke the key level, a decisive push beyond $30,000 per coin could do the same.

bitcoin dollar crypto winter

Will a similar divergence in the two assets form? | BTCUSD on TradingView.com

Why The DXY Dollar Index Says Crypto Winter Is Done

If price action holds at current levels, the rounded support structure would also begin to take on a parabolic shape. Bitcoin in the past has went on parabolic rallies that lasted 12,000% or more. The most recent parabolic climb lasted for 1,200% ROI.

In the comparison above, we can see that in 2020 the DXY broke below what would be the same rounded support that BTCUSD is forming now. Once again, the DXY is ready to penetrate the rounded bottom. When the top cryptocurrency by market cap held and the dollar fell further, all the ingredients were there for an incredible bull run.

Related Reading: Dollar Index Loses Key Level: Bitcoin Cleared For Liftoff?

The DXY is an index of the US dollar trading against a weighted basket of other top currencies like the pound and yen. Although it has nothing to do with Bitcoin or crypto, it tells the market when the dollar is strong or weak. With USD being one half of the BTCUSD trading pair, the dollar being weak currently is a boon for Bitcoin and crypto.

If the DXY falls further, much like the inverse correlation in the comparison above shows, Bitcoin could skyrocket to new all-time highs.

This looks like a repeat of 2020 minus a pandemic

DXY vs #Bitcoin comparison pic.twitter.com/imSzY8aVrW

— Tony "The Bull" Severino, CMT (@tonythebullBTC) May 8, 2023

Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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