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Weaker dollar lifts Bitcoin to $30.7K as analyst eyes 60% BTC dominance
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Bitcoin (BTC) hit 48-hour highs overnight into May 20 as U.S. dollar weakness gave bulls some much-needed respite.Data from Cointelegraph Markets Pro and TradingView recorded a high of $30,725 for BTC/USD on Bitstamp.Still struggling to flip $30,000 to reliable support, the pair nonetheless avoided a deeper retracement, helping calm fears that last week’s $23,800 capitulation event did not mark the bottom.The U.S.
dollar index (DXY) provided the background to Bitcoin’s relatively solid performance, this coming off two-decade highs to dip 2% in a week.This appeared to relieve some pressure on stock markets, the S&P 500 finishing May 19 down a more modest 0.58% compared to previously in the week, the Nasdaq 100 less.
Read more on cointelegraph.comAbout this in other media
Why this analyst believes Bitcoin [BTC] could be the ‘best asset’ to own ambcrypto.com /3 weeks ago
Bitcoin long-term hodlers begin 'distribution' which preceded BTC price bottoms cointelegraph.com /4 weeks ago
Stocks surge, altcoins give back their gains and dollar strength may push Bitcoin lower cointelegraph.com /4 weeks ago
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