Bitcoin rallies as US dollar strengthens: Are crypto traders walking into a trap?
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Bitcoin reclaimed $86,000 as the US dollar strengthened, but one analyst warned the rally may be structurally weak.
Bitcoin (BTC) held above $86,000 on Monday after recovering steadily over the weekend from Friday’s flush to $80,600, its lowest price since April. The rebound came as traditional markets opened the week on a cautious footing, with the US Dollar Index (DXY) steady above 100, hovering near a six-month high.
Key takeaways:
The US Dollar Index held 100 after a blowout Nonfarm Payrolls (NFP) print of 119,000 against 53,000.
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