Over the past 24 hours, the price of bitcoin has dropped significantly; the cause of this is yet unknown. The altcoins experienced significant selling pressure, which led to a price drop of more than 10 percent on the previous day. Due to the latest price decline, Bitcoin lost the majority of its gains made over the previous week.
Benjamin Cowen, a well-known cryptocurrency analyst, believes that one indication will probably determine whether Bitcoin (BTC) remains in a bear market. benjamin cowen 
benjamin cowen founder, ceo at Cryptoverse
Benjamin Cowen is a researcher, financial analyst, YouTuber, and the founder of the “Into The Cryptoverse” analytics website and community in the United States. “Into The Cryptoverse” includes, among other things, subscription-based crypto market reporting, price research, and risk analysis.
Benjamin Cowen earned a bachelor’s degree in science with a minor in mathematics and physics from North Carolina State University in 2012. Cowen went on to get a Master of Science in Nuclear Engineering (2015) and a Doctor of Philosophy in Nuclear Engineering (PhD.) from the University of New Mexico School of Engineering (2018).
He had 720,000 subscribers and over 71 million cumulative video views as of this writing. His YouTube videos include trend analysis and price predictions, but he also occasionally posts video introductions to several cryptocurrencies.
He delivers the paid “Into The Cryptoverse” reports in addition to freely available analysis videos on YouTube (the Premium List). Members receive weekly reports that include, among other things, video updates on the state of crypto, risk analysis data, logarithmic regression analysis, price analysis, and thorough weekly reports. EntrepreneurChief Executive OfficerMarket Analyst 
Followers : 0 View profile informs in a new strategy session that bitcoin org 
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Followers : 0 View profile has historically had a negative correlation with the US Dollar Index (DXY).
“Now a lot of times, when you see the dollar going up, it’s sort of like a wrecking ball: it makes most other things go down. Generally, you could view it as people fleeing into the relative safety of the US dollar.”
The DXY calculates the dollar’s value in relation to a basket of six different currencies. Since 2008, according to Cowen, the Dollar Index has been on an overall macro rise. He observes that sharp upward rises in the Dollar Index and Bitcoin bear markets typically coincide. The overall relationship, as he said, is that one would anticipate Bitcoin to largely remain either in a bear market or the very early phases of its accumulation phase as long as the dollar is going up.
Bitcoin was unable to overcome the $25,500 barrier level. The crypto may have lost momentum as a result and dropped below the trendline as a result. Lack of buyer pressure led to sellers taking control. The bears were back on the chart as of publication. If purchasers don’t step up to the plate, the bears could cause the coin to suffer more losses. BTC was currently trading at $21,497 at the time of writing.
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