Bitcoin Dislikes a Strong Dollar

ByteFolio Issue 215;

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This issue covers Chainlink (LINK) and Hyperliquid (HYPE)

Bitcoin’s ByteTrend Score remains a 0. The price is off the lows but shows little strength. The $60k level should provide support, but there are no guarantees.

Bitcoin

Source: Bloomberg

On-chain activity is robust, with the number of transactions approaching new all-time highs. This provides confidence that the Bitcoin network, measured from blockchain data, is alive and well. Trading volume also remains healthy.

Bitcoin Transactions

Source: Blockchain.com

Bitcoin continues to dominate crypto as the top 100 tokens to lag (red). The reaffirms there is no problem with Bitcoin per se, but the crypto sector remains out of favour.

Bitcoin versus Top 100

Source: Bloomberg

It is a matter of waiting for better times. Bitcoin doesn’t like a strong dollar, and that is upon us. I show Bitcoin with the dollar inverted. It hasn’t always worked, for example in late 2024 there was a divergence, but those were exciting times as the ETFs got underway. Since mid-2025, the dollar Bitcoin inverse correlation has been high.

Bitcoin and the Dollar

Source: Bloomberg

These are tough times, but I hope we have already seen the worst.

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