The US Dollar’s strength is one of the reasons why Bitcoin (BTC) is showing weakness.
Bitcoin’s forecasted sell signal has yielded a 7.21% correction so far. The fast-approaching halving could also add credence to the ongoing downtrend in BTC. From a macroeconomic perspective, the US Dollar Index shows that it has not done climbing higher. The US Dollar’s strength is one of the reasons why Bitcoin is showing weakness.
The rising strength in the US Dollar Index is also one of the reasons why crypto markets are noting a slowdown. Furthermore, the fourth Bitcoin halving, set to occur around April 20, could be triggering a premature sell-off as they did previous halving events. The rising US Dollar Strength With the upcoming JOLTS job openings report for February and the NFP report for March on Friday, the US Dollar could continue its northbound move if the data point to a strong labor market.
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