比特币 (比特币) looks to reclaim $45,000 在十月. 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. 资源: 交易视图

Dollar drops following labor market shock

详细, 美国. 美元指数 (DXY), which measures the dollar’s strength against a basket of six foreign currencies, including the euro and sterling, 击中 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. 结果是, the number of reapplications got stuck around 2.8 million for five weeks in a row.

[内嵌内容]

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. 资源: 交易视图

The index was trading at 94.263 在撰写本文时.

Technical outlook projects Bitcoin higher, 美元走低

Technicals also showed the greenback facing the prospect of a correction ahead. 例如, 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, as shown in the chart below.

我们. dollar index daily price chart featuring megaphone technical setup. 资源: TradingShot, 交易视图

“Based on the 1D relative strength index (相对强弱指数), it appears that DXY is right at the top of the formation as [它是] 在八月 15, 2018,” TradingShot wrote.

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

与此同时, a recent bout of selling in the Bitcoin market lately had it paint a falling wedge pattern. 详细, 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. 资源: 交易视图

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

A weaker dollar means stronger Bitcoin

另一方面, the underwhelming jobs report could boost investors’ interim appetite for Bitcoin.

有关: 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. 他说:

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

这里表达的观点和观点仅是作者的观点,不一定反映Cointelegraph.com的观点。. 每笔投资和交易动作都涉及风险, 您在做出决定时应该进行自己的研究.