비트코인 (BTC) looks to reclaim $45,000 10 월. 1 as the United States dollar retreated lower after hitting its one-year high. Bitcoin’s tight inverse correlation with the greenback over the past month suggests that a weakening dollar could push BTC’s price even higher in the coming sessions.

Bitcoin-dollar correlation on hourly chart. 원천: 트레이딩뷰

Dollar drops following labor market shock

상세히, 미국. Dollar Index (DXY), which measures the dollar’s strength against a basket of six foreign currencies, including the euro and sterling, 히트 94.50 Thursday for the first time since Sept. 28, 2020. But it retreated on news of rising U.S. jobless claims against the forecasts of a decline.

The labor data released Thursday showed that the number of jobless claims rose to 362,000 last week against 351,000 a week earlier and against the economists’ projection of 333,000. 결과적으로, the number of reapplications got stuck around 2.8 million for five weeks in a row.

[포함 된 콘텐츠]

For the markets, this could be news that the Federal Reserve might delay tapering its $120-billion asset-purchasing program from November to a later month, thus keeping interest rates lower and the dollar’s renewed strength temporary.

DXY daily price chart. 원천: 트레이딩뷰

The index was trading at 94.263 글을 쓰는 시점에.

Technical outlook projects Bitcoin higher, 낮은 달러

Technicals also showed the greenback facing the prospect of a correction ahead. 예를 들면, independent market analyst TradingShot spotted the dollar index inside a megaphone pattern, which is about to get topped out to pursue a correction in the coming sessions, 아래 차트와 같이.

우리. dollar index daily price chart featuring megaphone technical setup. 원천: TradingShot, 트레이딩뷰

“Based on the 1D relative strength index (RSI), it appears that DXY is right at the top of the formation as [그것은] 8 월 15, 2018,” TradingShot wrote.

“DXY is building up a strong pull-back to the bottom of the Megaphone.”

그 동안에, a recent bout of selling in the Bitcoin market lately had it paint a falling wedge pattern. 상세히, falling wedges appear when the price trends lower inside a channel comprising two diverging, descending trendlines.

Traditional analysts see the falling wedge pattern as a bullish reversal indicator, noting that a break above its upper trendline moves the price higher by as much as the maximum distance between the wedge’s trendlines.

BTC/USD daily price chart featuring falling wedge setup. 원천: 트레이딩뷰

The structure’s maximum height is roughly $10,000. 결과적으로, Bitcoin’s price can at least retest $50,000 should the wedge breakout play out as intended.

A weaker dollar means stronger Bitcoin

반면에, the underwhelming jobs report could boost investors’ interim appetite for Bitcoin.

관련된: Bitcoin’s sharp fall from $50K linked to stronger US dollar, gold — Correlation shows

Vasja Zupan, president of Matrix Exchange, told Cointelegraph that the dollar’s weakness and devaluation against rising inflation would continue to make investors put their excess cash in crypto markets. 그는 말했다:

“Bitcoin in its core proposition has an integrated hedge against inflation and, 따라서, persistently higher inflation in the U.S. can only push it upwards. 따라서, 장기적으로, the dollar’s worth will continue to be lesser than Bitcoin.”

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