Bitcoin’s Biggest Break Since 2015: A Massive 37-Point Divergence Against the Dollar

According to Glassnode data, Bitcoin (BTC) is signaling a major break in its macroeconomic resilience, exhibiting its weakest performance against a strengthening dollar since 2015, starting from May 14.

The leading asset of the cryptocurrency market, Bitcoin (BTC), is undergoing a period that is shaking its traditional correlations in global financial markets. Recent data shared by on-chain analytics platform Glassnode reveals that the leading cryptocurrency has lost its historical strength against the U.S. dollar and is delivering one of its worst performances in the last decade.

The dollar rally that began on May 14 and has lasted for approximately 75 days has exerted unusual pressure on the Bitcoin price. When examining historical data, Bitcoin has remained relatively strong even during periods of dollar appreciation; however, in the current scenario, this situation has completely reversed. Glassnode’s proprietary on-chain and market data show that this structural shift has become this pronounced for the first time since 2015.

Historical Deviation Between Bitcoin and the Dollar

The most striking point in the analysis is that Bitcoin’s current performance remains exactly 37 points below the level expected in a typical dollar rally. The current trajectory, represented by the orange line in the shared chart, diverges sharply downward from the dashed line reflecting the average of 20 different past dollar rallies. This situation proves that Bitcoin has taken on a structure more vulnerable to macroeconomic headwinds than ever before.

Experts state that the end of this negative divergence could be a critical turning point for the market. If Bitcoin (BTC) begins to regain strength against the dollar index and closes this massive 37-point gap, it will be considered a strong positive signal for the cryptocurrency market. However, current data reminds investors that they must monitor macroeconomic risks more closely than ever.