{"id":192981,"date":"2021-03-03T12:20:37","date_gmt":"2021-03-03T09:20:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-hits-51k-as-short-term-bull-case-strengthens-amid-weakening-dollar\/"},"modified":"2021-03-03T12:20:37","modified_gmt":"2021-03-03T09:20:37","slug":"bitcoin-hits-51k-as-short-term-bull-case-strengthens-amid-weakening-dollar","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-51k-as-short-term-bull-case-strengthens-amid-weakening-dollar\/","title":{"rendered":"# Bitcoin hits $51K as short-term bull case strengthens amid weakening dollar"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3fbfb22abfe\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3fbfb22abfe\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-51k-as-short-term-bull-case-strengthens-amid-weakening-dollar\/#Bitcoin_retakes_50000_again\" >Bitcoin retakes $50,000 again<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-hits-51k-as-short-term-bull-case-strengthens-amid-weakening-dollar\/#Was_429K_the_local_bottom\" >Was $42.9K the local bottom?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin hits $51K as short-term bull case strengthens amid weakening dollar <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The U.S. dollar index (DXY) is showing signs of a short-term top as the price of Bitcoin (BTC) demonstrates signals of a short-term rally.<\/p>\n<p>There is a narrative that the price of Bitcoin often coincides with a drop in the value of the dollar.<\/p>\n<p>Since stores of value, like gold and Bitcoin are priced against the dollar, theoretically, a downtrend in the DXY would likely have a positive impact on the price of BTC.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_retakes_50000_again\"><\/span>Bitcoin retakes $50,000 again<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As the dollar began to consolidate, Bitcoin broke above $50,000 on March 3, putting it on track to retest the $51,600 resistance level once again.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/5947121a-fb32-4662-aa3c-4e66165df599.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day candle chart (Bitstamp). Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>Above $51,600, there is little resistance until $56,000. Hence, breaking past this level is critical to secure upside momentum in the short term.<\/p>\n<p><em>Bitcoin Jack<\/em>, a semi-pseudonymous trader, who predicted the $3,600 bottom in March 2020, said:<\/p>\n<blockquote><p>&#8220;Considering it&#8217;s very likely to see a $1.9T stimulus package <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved within the next 2 weeks, my best guess is dollar is topping out here. Could be wrong, but structure looks very similar to previous consolidation as well.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/41c02970-2153-43af-bab2-acf0cfdf2078.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>The U.S. dollar index. Source: Tradingview.com, Bitcoin Jack<\/em><\/figcaption><\/figure>\n<p>If Bitcoin continues to rally as the dollar stagnates, it could allow BTC to simultaneously benefit from two macro factors.<\/p>\n<p>First, the dollar&#8217;s decline naturally benefits Bitcoin. Second, the impending $1.9 trillion dollar U.S. stimulus could serve as a catalyst for a broader BTC rally while diluting the value of the dollar.<\/p>\n<p>Bitcoin likely slumped in the past week due to the shaky macro climate, as the dollar began to climb and bond yields rose to a yearly high.<\/p>\n<p>If the macroeconomic conditions were the major catalyst for Bitcoin&#8217;s downturn, now that bond yields are easing, it could bouy BTC&#8217;s momentum in the coming weeks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Was_429K_the_local_bottom\"><\/span>Was $42.9K the local bottom?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to John Cho, the director of global expansion at Ground X, $42,900 was most likely the local bottom for Bitcoin in the foreseeable future.<\/p>\n<p>Cho earlier predicted a short-term Bitcoin downturn, expecting a drop to around $40,000 to $41,000. BTC did not drop that low, but it declined to sub-$43,000, almost completing a 30% drop from its local high. Cho <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JohnCho__\/status\/1367027121860747265\">said<\/a>:<\/p>\n<blockquote><p>&#8220;As of the now, 42.9k seems to have been the (local) bottom. Either way, glad the bulls are back in control.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/7193a6ab-7246-4c19-9451-a8da8e8fd71c.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin price structure. Source: John Cho.<\/em><\/figcaption><\/figure>\n<p>Although $44,000 was a major support level, Bitcoin&#8217;s quick recovery to $51,000 suggests the drop itself was a deviation.<\/p>\n<p>In technical analysis, the term deviation refers to when an asset briefly drops or rises above a key level, and then reverts to the mean.<\/p>\n<p>Following the strong recovery of Bitcoin, it is critical for the dominant cryptocurrency to retest the $56,000 resistance area. Above it, the path toward a new all-time high is open, making $60,000 the next likely target.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-hits-51k-as-short-term-bull-case-strengthens-amid-weakening-dollar\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin hits $51K as short-term bull case strengthens amid weakening dollar &#8221; The U.S. dollar index (DXY) is showing signs of a short-term top as the price of Bitcoin (BTC) demonstrates signals of a short-term rally. There is a narrative that the price of Bitcoin often coincides with a drop in the value of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":192982,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvOTA3MTFjMmItOWE1Ny00MTViLTkyZTctZTQ3YTA3YTJmMmIzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,73785],"class_list":["post-192981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/192981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=192981"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/192981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/192982"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=192981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=192981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=192981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}