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Bitcoin Technical Analysis: BTC Pumps On Dollar Weakness (July 2020)

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Bitcoin Technical Analysis: BTC Pumps On Dollar Weakness (July 2020)

Bitcoin has once again rallied on weakness in the US Dollar (USD). The S&P 500 (SPX) broke below a key trend line support after rising tensions between US and China. It has recently seen a turn to the upside but that move higher in the stock market still does not explain what has happened in Bitcoin. This leaves us with the only plausible explanation and that is weakness in the US Dollar as can be seen on the 4H chart for the (Dollar Currency Index (DXY).


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