Does a stronger dollar mean Bitcoin price is destined to lose $30K?

Does a stronger dollar mean Bitcoin price is destined to lose $30K?


Bitcoin price has been accelerating massively in recent months, with Bitcoin (BTC) rallying from $10,000 to $41,500. This rally went vertical without any major corrections in between.

However, every upward cycle has its standard 30% corrections, which can even be considered healthy for more upside.

Bitcoin’s price started to fall south in the past days as it dropped 25% to $30,000. This dropdown was also influenced by the U.S. dollar’s sudden surge, which might be bottomed out in the short term.

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Bitcoin price flips bearish on lower time frames BTC/USD 1-hour chart. Source: TradingView

A trend reversal starts with lower time frames flipping bearish, and this chart is an example of such a trend reversal. The $38,900 support was lost after multiple tests.

That’s not bad in itself. But when the support level flips bearish into a resistance, that’s likely to trigger continuation downward.

A similar support/resistance flip occurred at the $36,300 area, after which the price accelerated downward

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