Cryptocurrency analyst and trader Michael Pizzino believes that a weaker dollar could push up the price of cryptocurrencies.
Pizzino highlighted how a weaker U.S. dollar can have a positive impact on U.S. dollar-denominated assets, such as cryptocurrencies such as bitcoin.
Given the correlation between the U.S. dollar and Bitcoin, a drop in the former could have a favorable impact on the latter.
Pizzino noted that Bitcoin’s macro charts are showing an uptrend, and further weakness in the U.S. dollar could lead to sustained upward pressure on Bitcoin prices.
However, in the short-term, Bitcoin is currently stuck in a trading range, with key levels being an upper limit of $31,500 and a lower limit of around $29,500. A break above these levels would signal the emergence of a clear trend on a longer time frame.