Summary
- Glassnode said Bitcoin is showing a deeper slump than in past periods of dollar strength since May.
- The firm said periods of dollar strength since 2015 have often coincided with Bitcoin gains.
- Glassnode said it could be a positive signal for the market if the correlation reverses and Bitcoin regains relative strength despite continued dollar strength.
Forecast Trend Report by Period
Bitcoin has been underperforming more than in past periods of dollar strength since May, according to an analysis by Glassnode.
Glassnode wrote on X on August 1 that the dollar has continued to strengthen since May, while Bitcoin has posted one of its weakest showings during such periods on record.
Since 2015, Bitcoin has often risen alongside the dollar during periods of dollar strength, Glassnode said.
The firm added that the current pattern could also be interpreted positively. If that correlation reverses and Bitcoin regains relative strength despite a firm dollar, it could signal a positive turn for the market.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.