This weakness in the index that tracks the value of the greenback points to increasing strength in risk-on assets including Bitcoin and other cryptocurrencies.
Bitcoin price analysis
Bitcoin price reclaimed the crucial 200-day EMA at $58,320 on July 13, indicating that the bearish momentum is weakening. The price then went on to clear two other important levels represented by the psychological levels at $60,000 and $62,000 respectively.
The bulls will try to strengthen their position by pushing the price above the $64,000 overhead resistance. If this happens, the price of the big crypto is likely to pick up momentum and reach the $72,000 to all-time high at $73,835.
