Bitcoin Surges Past $111K as US Dollar Index Drops Below 100

Bitcoin’s price surpassed the $111,000 mark on August 29th while the US Dollar Index (DXY) fell below 100. This downward trend in the dollar is being attributed to weakening USD strength and a growing correlation between Bitcoin’s performance and fiat currency weakness. Analysts are closely watching if this bullish momentum for Bitcoin can be sustained as traders await a potential historical breakout similar to prior cycles.