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The U.S. dollar index is showing signs of a short-term recovery as the price of Bitcoin demonstrates signals of a short-term rally.
Data provider says that there is a correlation between Bitcoin and US dollars as a downtrend in dollars most likely has a positive impact on the price of BTC.
As the dollar began to consolidate, Bitcoin broke above $50,000 on March 3rd, moving it on track to retest the $51,600 resistance level once again.
The narrative behind this is that the value of gold and bitcoin are usually priced against the dollar, the fluctuations in the US dollar was a catalyst for its short- term gains.
