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The U.S. dollar index is currently at its highest level since November 2022.
Over the past two years, gains in the U.S. dollar index have been a bearish signal for the S&P and Bitcoin prices.
Bitcoin has been performing strongly and has a negative correlation with the S&P 500, which may prevent its decline.
Bitcoin price has always been influenced by macroeconomic developments as well as other major indexes such as the S&P 500, Nasdaq 100, and even the gold index. This time, however, things may be slightly different because unlike other investment options, cryptocurrencies have already established themselves.
Bitcoin price avoids major drop
It is known that the US dollar index not only affects the value of the stock market and precious metals, but also the price of Bitcoin. Since 2021, the rise in the U.S. dollar index has led to declines in the S&P, gold, and Bitcoin. Following this pattern, the S&P 500 and gold have declined in market value over the past few days.
The same was expected for Bitcoin price, however, the cryptocurrency has managed to surprise the market as it has stabilized above $26,000. The U.S. dollar index hit a 10-month high of 106.65, seemingly having no impact on Bitcoin. For the world’s largest crypto asset, that means a rebound may not be too far away.
