Bitcoin Decouples from DXY as Correlation Drops to 17%

Recent data from TradingView indicates that the correlation between Bitcoin and the US Dollar Index (DXY) has weakened significantly, with a 90-day correlation coefficient of -0.41. This suggests that the DXY accounts for only about 17% of Bitcoin's daily price fluctuations, while the remaining 83% is driven by other factors. Despite the DXY reaching a two-month high of 101.69, Bitcoin has maintained support in the $83,000 to $84,000 range. Market analysts note that Bitcoin's price action is increasingly influenced by its own supply-demand dynamics, ETF inflows, and market sentiment rather than inverse movements with the dollar.