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Bitcoin’s Rally Isn’t About Dollar Weakness

Bitcoin Correlations Report, April 2025

Ecoinometrics

Apr 23

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Bitcoin is on a tear right now. In just a few days, it broke above its 200-day moving average and climbed all the way past $94,000. If it can hold that breakout, it would qualify as a bullish move.

Some have attributed this rally to US dollar weakness, as measured by the US Dollar Index (DXY).

But that’s unlikely to be the real driver.

In this Bitcoin Correlations Report, we dig into why that narrative doesn’t hold up and what actually explains Bitcoin’s outperformance.

Let’s dig in.

Ecoinometrics delivers professional-grade crypto and macro analysis to help institutional investors and serious traders make data-driven decisions.

Our team conducts rigorous quantitative research, developing proprietary metrics and institutional-quality visualizations that cut through the noise to reveal key market dynamics.

Each newsletter provides clear, actionable insights backed by data, delivered in a concise format that respects your time - five minutes to absorb, but deep enough to inform your investment strategy.

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