$BTC

#BitcoinSPACDeal Bitcoin News: Bitcoin Rises Amid Weak Dollar, but Macroeconomic Winds May Delay Move to $120K

Key Takeaways:

Weakness in DXY Supports Bitcoin, but Concerns About Recession and Signals from the Credit Market May Limit Growth.

ICE BofA High Yield Bond Spread Indicates a Neutral Risk Environment, Which Is Not Enough to Trigger a Breakout.

Global Trade Tensions and Rising Capital Costs May Limit Bullish Momentum Around $120,000.

Bitcoin's Prospects Depend on Dollar Weakness — But It's Not That Simple

Bitcoin (BTC) Has Historically Shown an Inverse Correlation with the US Dollar Index (DXY), Often Rising When the Dollar Weakens. This Dynamic Played Out This Week as BTC Rose Slightly from Recent Lows After DXY Fell to 98.5, Pulling Back from a Two-Month High Following a Weaker-Than-Expected US Employment Report for July.