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Will Bitcoin break above $30K? New JOLTS data, weaker dollar boost chances

Published 04/05/2023, 08:16 AM
Updated 04/05/2023, 10:20 AM
© Reuters.
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On April 4, the U.S. dollar index (DXY), which measures the greenback's performance versus the basket of six leading foreign currencies, dropped by 0.5% after demand for workers in the world's largest economy declined.

Bitcoin (BTC) has grown 3.5% since to around $28,800, continuing its extremely negative correlation with the dollar. The BTC/USD pair now eyes a breakout at $30,000, a psychological resistance level, due to hopes that the greenback will weaken further in 2023.

DXY vs. BTC/USD year-to-date returns and correlation coefficient. Source: TradingView
U.S. vacancies for each job seeker. Source: Bloomberg
Implicit federal funds rate drop after JOLTS data. Source: Bloomberg
BTC/USD daily price chart featuring ascending triangle breakout setup. Source: TradingView
DXY daily price chart. Source: TradingView

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