Here's why April may be the best month yet for Bitcoin price

Cointelegraph

Published Apr 03, 2021 10:00AM ET

Updated Apr 03, 2021 12:00PM ET

The U.S. dollar is starting to weaken once again as sellers are pushing the U.S. Dollar Index (DXY) downward, which could strengthen the momentum of Bitcoin (BTC) in the near term.

Alternative assets like Bitcoin and gold are priced against the dollar. Hence, when the DXY starts to drop, it often causes BTC to rally against the dollar.

BTC/USD (orange) vs. DXY (green). Source: Tradingview
BTC miner net position change. Source: Glassnode

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