Analysis: Dollar Index Nears Breakout Above Range High, BTC Under Pressure May Continue Negative Correlation with DXY

CoinFeed June 20 news, according to CoinDesk, Bitcoin, seen as the 'adversary' of the Dollar Index (DXY), is facing sustained pressure as the market watches the DXY approach a breakout above the upper boundary of a 13-month consolidation range. Data shows Bitcoin weakened for a third consecutive trading day, hovering around $63,900, with the broader crypto market also generally under pressure. Meanwhile, DXY rose 0.26% to 100.66, extending the previous session's 0.8% gain, and is now on the verge of a key range breakout. Analysis suggests that if this structural breakout is confirmed, it typically triggers trend-following funds to further boost the dollar. Historical data shows a clear negative correlation between Bitcoin and the Dollar Index, with a stronger dollar usually weighing on USD-denominated risk assets.