{"id":23740,"date":"2023-09-27T19:06:06","date_gmt":"2023-09-27T19:06:06","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-holds-steady-as-dxy-advance-hurts-stocks\/"},"modified":"2023-09-27T19:06:06","modified_gmt":"2023-09-27T19:06:06","slug":"bitcoin-holds-steady-as-dxy-advance-hurts-stocks","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-holds-steady-as-dxy-advance-hurts-stocks\/","title":{"rendered":"Bitcoin holds steady as DXY advance hurts stocks"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/bitcoin-ethereum-tokens-rising-chart-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/bitcoin-ethereum-tokens-rising-chart-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/bitcoin-ethereum-tokens-rising-chart-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/bitcoin-ethereum-tokens-rising-chart-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Bitcoin rose to $26,820 on Wednesday, trading in the opposite direction to stocks as the Dollar Index hit a 10-month high.<\/span><\/li>\n<li><span style=\"font-weight: 400\">An easing for the DXY could see Bitcoin price strengthen above the $26k base.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin (BTC)<\/a> defied a surge for the Dollar Index (DXY) on Wednesday, spiking to above $26,820 in early US trading hours. The gains for the benchmark cryptocurrency buoyed the altcoin market, with several tokens seeing decent moves to push the total market cap up by about 1.5%.<\/span><\/p>\n<p><span style=\"font-weight: 400\">But as the DXY, which measures the greenback\u2019s strength against a basket of other major currencies, hit highs of 106.83 for its highest level since November 2022, <a href=\"https:\/\/coinjournal.net\/news\/tag\/stocks\/\">stocks<\/a> moved lower. Alongside the dollar\u2019s strength has been rising yields, with the benchmark 10-year US Treasury yield soaring to a 16-year high of 4.64%. The two-year US yield rose to 5.15%<\/span><\/p>\n<p><span style=\"font-weight: 400\">It\u2019s a scenario that sees the stock market compound weakness seen over the past week, including Tuesday\u2019s Dow slump that was the biggest in a single day since March.<\/span><\/p>\n<figure id=\"attachment_153573\" aria-describedby=\"caption-attachment-153573\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-153573 size-full\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2023\/09\/dxy-tradingview-chart.png\" alt=\"\" width=\"1281\" height=\"557\"\/><figcaption id=\"caption-attachment-153573\" class=\"wp-caption-text\">US dollar index (DXY) chart from <a href=\"https:\/\/www.tradingview.com\/x\/KLkzzDST\/\" target=\"_blank\" rel=\"noopener\">TradingView<\/a><\/figcaption><\/figure>\n<h2>BTC price outlook<\/h2>\n<p><span style=\"font-weight: 400\">The US dollar index\u2019s upside has historically signaled a bearish outlook for stocks and other risk assets, including crypto. Market intelligence platform<\/span><a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1707081002617831830\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400\">says<\/span><\/a><span style=\"font-weight: 400\"> the negative correlation between the dollar index and Bitcoin and S&amp;P 500 has particularly been evident since 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400\">That should be the perspective, though Bitcoin is showing a resilience above $26k. According to crypto investor Scott Melker, Bitcoin\u2019s performance shows it \u201chas its own life.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> is currently COMPLETELY uncorrelated from every other market. <\/p>\n<p>Bitcoin is up, the dollar is WAY up, stocks are down, gold is down.<\/p>\n<p>Bitcoin has a life of its own.<\/p>\n<p>\u2014 The Wolf Of All Streets (@scottmelker) <a href=\"https:\/\/twitter.com\/scottmelker\/status\/1707010477237170264?ref_src=twsrc%5Etfw\">September 27, 2023<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">Meanwhile, Santiment analysts say BTC could see a breakout if the DXY begins to cool off.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-holds-steady-as-dxy-advance-hurts-stocks\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin rose to $26,820 on Wednesday, trading in the opposite direction to stocks as the Dollar Index hit a 10-month high. An easing for the DXY could see Bitcoin price strengthen above the $26k base. Bitcoin (BTC) defied a surge for the Dollar [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":23741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23740"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23740"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23741"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}