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Bitcoin price eyes $50K as the US dollar retreats after hitting its one-year high By Cointelegraph


(BTC) looks to reclaim $45,000 on Oct. 1 as the United States dollar retreated lower after hitting its one-year high. Bitcoin’s tight inverse correlation with the greenback over the past month suggests that a weakening dollar could push BTC’s price even higher in the coming sessions.

Bitcoin-dollar correlation on hourly chart. Source: TradingView

In detail, the U.S. Dollar Index (DXY), which measures the dollar’s strength against a basket of six foreign currencies, including the euro and sterling, hit 94.50 Thursday for the first time since Sept. 28, 2020. But it retreated on news of rising U.S. jobless claims against the forecasts of a decline.

DXY daily price chart. Source: TradingView
daily price chart featuring megaphone technical setup. Source: TradingShot, TradingView
daily price chart featuring falling wedge setup. Source: TradingView