Bitcoin Shakes Off Dollar Rebound But Beware Of Coming Bear Phase

Bitcoin Shakes Off Dollar Rebound But Beware Of Coming Bear Phase

News

Bitcoin has barely flinched in the face of the dollar’s best attempt at a rebound in over a year. The greenback is trying to stage a comeback against the top cryptocurrency, which has left the global reserve currency battered and beaten.

Although Bitcoin has fended off the advance in USD, if history repeats and the dollar surges, a short term Bear

‘ href=”https://www.newsbtc.com/dictionary/bear/”>Bear

Market

Although the leading cryptocurrency by market cap has shaken off the greenback’s rebound thus far, a Bear

‘ href=”https://www.newsbtc.com/dictionary/bear/”>bear

market in Bitcoin, as pictured below.

dxy bitcoin

Each bullish crossover in the dollar led to a crypto bear market | Source: DXY on TradingView.com

Bitcoin has been an uptrend for nearly a full year – since Black Thursday in 2020 – but time could be running out. The MACD hasn’t fully crossed over just yet, but has begun to turn upward.

Related Reading | This Unique Take On Bitcoin Suggests A Bear Phase Is Near

However, not all is lost for Bitcoin and the rest of the crypto market. An inverse head and shoulders on high timeframes might have completed on the DXY, which after a throwback to the trendline to confirm it as resistance, could result in the largest collapse in the dollar’s history, and its eventual undoing.

dxy head and shoulders

Upside in the dollar could ultimately be limited, benefiting Bitcoin | Source: DXY on TradingView.com

Such a scenario would suggest a bear phase in Bitcoin will arrive sooner than later, but that it will be much shorter-lived than previous