Bitcoin (BTC) begins a new week with stocks rising and the U.S. dollar falling — all while trading back above $16,000. What’s next for price action?
Cointelegraph takes a look at the factors which could shape how Bitcoin moves in the coming days.
Stocks near all-time highs while USD sinks
This week’s macro environment feels somewhat different to the last — stocks are gaining, boosted by a major Asian trade deal, while the U.S. dollar is losing ground.
According to the latest data on Nov. 16, the U.S. dollar currency index (DXY) has declined over the past week to hit 92.58 from post-election highs of 93.2. Traditionally, Bitcoin moves inversely with DXY, and despite this relationship becoming less pronounced recently, heavy moves in either direction can still impact BTC/USD.
U.S. dollar currency index 10-day chart. Source: TradingView
Asian stocks meanwhile led the way on Monday, with 15 nations signing the long-awaited Regional Comprehensive Economic Partnership (RCEP), set to reduce