DXY Explains Only 17% of Bitcoin's Daily Moves
- —DXY is up 2.6% since September 9, hitting a two-month high of 101.69
- —The coefficient of determination between DXY and BTC over 90 days is 0.17
- —The 30-day correlation is -0.45, dropping to -0.19 excluding two outlier days
- —The average 90-day correlation since January 2020 is -0.14
Why it matters: Investors should note that a stronger dollar alone does not determine bitcoin's direction, as the relationship between the two assets is unstable.
Source: TokenPost
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