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Bitcoin ($BTC) crossed back above $60,000 at the start of July, with traders pointing to U.S. dollar dynamics as the proximate driver after greenback strength cut off a push toward the weekly high.
The move opens the month on a positive note, though the ceiling set by dollar momentum is a reminder that macro pressure has not left the picture.
Dollar Strength as the Mechanism The source of the price action here is worth naming plainly: it was not a surge in spot demand or a new wave of institutional buying that the source identifies — it was the U.S.
dollar's strength that rejected the weekly high. When the dollar firms, dollar-denominated assets including Bitcoin tend to face headwinds, and that appears to be exactly what capped the rally.
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