Bitcoin Weakens More Than in Past Strong-Dollar Periods, Glassnode Says

Bitcoin has been weaker than in past periods of dollar strength since May, according to on-chain analytics firm Glassnode.

Glassnode wrote on X, formerly Twitter, on Aug. 1 that the dollar has maintained its strength since May, while Bitcoin has posted one of its poorest performances during strong-dollar periods on record.

Since 2015, Bitcoin has often risen alongside the dollar during episodes of dollar strength, the firm said.

Glassnode added that the latest pattern could also be interpreted positively. If that correlation reverses and Bitcoin regains relative strength despite a stronger dollar, it could be a positive signal for the market.