Bitcoin diverges from fiat currencies and makes a new high for the year; is this bullish?
Bitcoin breaks horizontal resistance at the $32k area The rally extended above $35k Bulls should be worried because Bitcoin diverges from the US dollar Bitcoin investors are thrilled to see the cryptocurrency jumping to a new high for the year. More precisely, Bitcoin traded above $35k for the first time in over a year. It did so by tripping stops seen in the $32k area. This area provided resistance for quite some time, and Bitcoin finally broke above. That is the good news for bulls. The bad news is that in doing so, Bitcoin diverges with the rest of the fiat currencies . More precisely, while Bitcoin gained against the US dollar, the greenback rallied against its peers. It may or may not be something to worry about. But if I were an investor in Bitcoin (which I’m not), I would worry. Here is why. Bitcoin chart by TradingView Bitcoin and the US dollar have diverged since Q1 2023 The problem for Bitcoin is that the...