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.

BTC/USD hourly chart. Source: TradingView
hourly chart. Source: TradingView
Bitcoin liquidations in the past 24 hours. Source: Bybt
DXY hourly price chart. Source: TradingView
U.S. government bond 10-year yield. Source: TradingView