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Bitcoin is gaining support from a weaker U.S. dollar as recent yen strength pushed the dollar index, or DXY, down to 99.22 and toward its 200-day moving average of 99.1, CoinDesk reported.
The report said the current dollar weakness is creating a favorable backdrop for dollar-denominated assets such as Bitcoin and gold, helping support BTC’s rise. At the same time, CoinDesk noted that if the yen’s advance continues, broader risk assets could face heavier selling pressure as yen carry trades unwind. It added that in August 2024, an unwind in the yen carry trade sent BTC down 20% within days.