Bitcoin’s sharp fall from $50K linked to stronger US dollar, gold — Correlation shows
(BTC) and spot gold hovered below their key psychological levels on Wednesday as a stronger United States dollar weighed on investors’ appetite for hedging assets.
The exchange rate dropped 5.27% to its intraday low of $44,423 but recovered a portion of those losses after reclaiming the $45,000–46,000 range as support. The pair’s recovery also came as an extension to its ongoing rebound from $42,830, a level it reached on Tuesday after falling by more than 18% in the session.
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