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Bitcoin's Negative Correlation With Dollar Index Strengthens Ahead of U.S. GDP Data

Bitcoin (BTC) has historically moved in the opposite direction of the US Dollar Index (DXY), which gauges the greenback's exchange rate against major fiat currencies, including the euro. The negative correlation has strengthened, reversing the brief let up witnessed in late March, and indicating the possibility of accelerated gains in the cryptocurrency in the case of a continued dollar slide following the release of the US gross domestic product data on Thursday. The 90-day correlation coefficient between Bitcoin anti dollar index has slipped to a two month low of -0.70, as per the data from TradingView.

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