Viewpoint: The weekly decline of the US dollar index hit the fourth largest in ten years, which may indicate that Bitcoin has bottomed out

PANews reported on March 7 that according to CoinDesk citing Global Macro Investor and Bloomberg data, the U.S. Dollar Index (DXY) fell by more than -4 standard deviations for the fourth time since 2013 this week. This rare event has historically coincided with the cyclical bottom of Bitcoin.

Three similar situations in the past:

• 2015 bear market: BTC around $250

• March 2020 Epidemic: BTC falls below $5,000

• FTX crash in November 2022: BTC hits $15,500 low

These events were accompanied by Bitcoin bottoming out and then ushering in a significant rebound. Although DXY has fallen back, it is still at a relatively high level of 103.8.