Bitcoin price resisted the record strengthening of the U.S. dollar

Bitcoin is behaving like emerging and export-oriented currencies.
The DXY dollar index, which measures the value of the U.S. currency against a basket of currencies, soared to a 20-year high of 110 points. Usually a strengthening DXY, and therefore the U.S. dollar, leads to the most popular investment goods starting to fall in value.
Indeed, the dollar price of gold is over the level of $ 1700/ounce, oil prices have crawled down, a barrel of Brent significantly fell below $ 100 per barrel. The Nasdaq Composite index (-0.26%) also fell, losing every day this week.
Against this backdrop, on September 1, the price of bitcoin momentarily went below $20,000, testing the level of $19,65 thousand. The #1 cryptocurrency again showed correlation with the Nasdaq Composite, but as trading ended in New York on September 1 (around 00:00 Moscow time on September 1), bitcoin began to recover and exceeded the psychologically important $20,000 level in the first half of September 2.
In general, the bitcoin price stability is similar to what happens with the currencies of emerging economies, as well as states whose economies are export-oriented, but whose monetary units are not among the world’s reserve currencies. It is worth noting that most currencies of the South American countries strengthen against the U.S. dollar and the stock indices of the region are growing.
The New Zealand dollar is recovering after being in a bearish phase for a long period, returning the level of 0.61 to the US dollar. The New Zealand stock market and the country’s economy as a whole are largely dependent on export opportunities.
At the same time, the Japanese yen, which is in the DXY index basket of currencies, has fallen to a record 140.21 yen/USD, hitting its lowest level in 24 years. Traders are now more interested in the currencies of countries with strong exports, with emerging economies, and they have upside potential.
Given this and seeing the correlation with such currencies in bitcoin, we can expect an increased likelihood of an uptrend in the #1 cryptocurrency. Worth notethat bitcoin mining also ignores the emerging downward waves in bitcoin’s price.

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