Bitcoin Bull Case Advances As BTC Nears ATH, Dollar Index Plunges To 3-Year Low
The bull case for Bitcoin is gaining momentum as the leading crypto nears its all-time high (ATH) and the US dollar index plunges to its lower level in three years. The BTC price is up over 2% in the last week after a small gain in the past 24 hours to trade at $107,252.66 as of 7:43 a.m. EST, data from CoinMarketCap shows. This has brought the crypto market leader to just over 4% below its ATH of $111,970.17 that it set on May 22. Analyst Says “Fiat Is Fading” As US Dollar Index Plunges Meanwhile, the US dollar index, which tracks the greenback against a basket of other major fiat currencies, has slid to its lowest level since February 2022 to reach 97.27 earlier today, according to TradingView data . That’s amid Donald Trump’s calls for the US Federal Reserve to cut interest rates, as well as disappointing data on housing and consumer confidence. “The dollar index is dabbling in new cycle lows today,” said macroeconomist Lyn...