Bitcoin Eyes New Highs as Weak US Dollar Fuels Safe Haven Demand Amidst Market Turmoil

This week, the US Dollar Index experienced its fourth consecutive decline, plummeting to a three-year low of 99.4 and marking a year-to-date decrease of over 8%. Contributing factors such as persistent inflation and uncertainties in trade policy have led to significant demand for safe-haven assets. As a result, capital is rapidly being redirected into gold and various non-dollar currencies. Gold notably surged by 2.76%, achieving a staggering record of $3,357.68 per ounce. Concurrently, US equity markets faced downward pressure, with declines in the Dow and Nasdaq exceeding 2.6% this week. The Federal Reserve’s clear indication of no impending market rescue has heightened investor anxiety, placing cryptocurrency in the spotlight as a potential alternative safe-haven asset. Analysts from Bitunix indicate a potential influx of funds into mainstream cryptocurrencies if gold maintains its upward trajectory and the US Dollar remains weak. For Bitcoin (BTC), the immediate trading range is identified between $83,000 support and $86,000 resistance; breaking this range could pave the way towards challenging the pivotal $90,000 mark and catalyzing a new upward trend.