US Dollar Index Declines Further, Could Bitcoin Be Gearing Up for a Breakout?

With the U.S. debt reaching a new all-time high (ATH), the DXY has fallen to a historically weak level, which has historically been positive for BTC.

The United States dollar index (DXY) has been on a decline over the past four months, recording its largest plunge in years. Since such moves have historically been correlated with positive growth in risk assets, bitcoin (BTC) could be gearing up for a strong breakout.

According to a report by the market analytics platform CryptoQuant, the correlation between a weak DXY and strong BTC has emerged multiple times in the past.