The world’s largest cryptocurrency Bitcoin (BTC) is up 5% in a weekend rally moving past $30,000 levels. Last week, Bitcoin continued to move downwards with a major decoupling from the tech stock and the Nasdaq-100.
It looks like with the Sunday gains, Bitcoin is trying to catch up on the lost ground. With the recent gains, BTC has managed to recover the negative gains and currently trading at flat levels on the weekly chart. On the other hand, the Nasdaq 100 ended last week with nearly 7% gains.
Crypto analyst Lark Davis believes that the relief rally was likely. Furthermore, he also explains Bitcoin’s correlation with the Dollar Index.
The Dollar Index $dxy is falling.
Historically this is good for #bitcoin in the opposite way that Dollar rallies are bad for BTC price. pic.twitter.com/7phhxJZNgG
