Bitcoin (BTC) Bulls Pin Hopes To Extend Rally Against Dollar Weakness.

As a global reserve and invoicing currency, the U.S. dollar plays an important role in international debt, non-bank borrowing, and global trade. As the dollar rises, USD-denominated debt becomes more expensive, which creates a disincentive to take risks in financial markets. A weak dollar has the opposite effect. Therefore, over the years, Bitcoin and the broader cryptocurrency market have tended to move in the opposite direction of the DXY, just like stocks and gold.