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Bitcoin price eyes $50K as the US dollar retreats after hitting its one-year high By Cointelegraph

(*)© Reuters.


BTCThe United States dollar fell after reaching its 1-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. On an hourly chart, bitcoin-dollar relationship. Source: TradingView

In detail, the U.S. Dollar Index (DXY), which measures the dollar’s strength against a basket of six foreign currencies, including the euro and sterling, hit 94.50 Thursday for the first time since Sept. 28, 2020. However, it fell on the news that U.S. Jobless Claims were rising against forecasts of a decrease.

Daily price chart for DXY TradingView

Daily price chart with megaphone technical setup. Source: TradingShot. TradingView
Daily price chart with falling wedge configuration TradingView