Bitcoin at $78972.58 rallies as vote against dollar, with BTC price correlation to US dollar index historical data showing hedge dynamics.

DXY set to climb with potential Fed rate hike before year-end, per Benjamin Cowen via André Dragosch, shifting US dollar index correlation with risk assets.

According to Omkar Godbole, the Dollar Index is showing a bearish outlook, with potential to drop to the 92-90 range. Key signals include descending channel patterns, a breach of the 2011 rising trendline, and a bearish foothold below the horizontal support from July 2023 lows. Additionally, the index trades below the 38.2% Fibonacci retracement of the 2008-2022 rally. However, the bearish case could weaken if the index surpasses the November high of 100.40.

According to @godbole17, the Dollar Index (DXY) has printed a Dragonfly Doji-like candle at the lower end of its sideways channel, signaling bear failure and a potential bounce toward 100.30-100.55, source: @godbole17.

According to the source, a report claims the U.S. Department of Justice is targeting Federal Reserve Chair Jerome Powell, but this is not corroborated by any official notice in the U.S. Department of Justice Newsroom or Federal Reserve press releases available in public records reviewed, source: U.S. Department of Justice; Board of Governors of the Federal Reserve System. With no official confirmation, the trading approach is to remain neutral on BTC and wait for an official DOJ statement, court filing, or Fed communication before positioning, and monitor the U.S. 2-year Treasury yield and the Fed’s trade-weighted dollar index for confirmation of macro risk, source: U.S. Department of the Treasury; Board of Governors of the Federal Reserve System.