PANews, June 20 – According to a report by CoinDesk, Bitcoin, often viewed as a "counterpart" to the U.S. Dollar Index (DXY), is facing sustained pressure as the market watches the DXY approach a breakout above the upper boundary of a 13-month consolidation range.

Data shows Bitcoin weakened for a third consecutive trading day, hovering near $63,900, with the broader crypto market also under widespread pressure. Meanwhile, the DXY rose 0.26% to 100.66, extending the previous session's 0.8% gain and nearing the edge of a key range breakout.

Analysis suggests that if this structural breakout is confirmed, it typically triggers trend-following capital to further drive the dollar higher. Historical data shows a clear negative correlation between Bitcoin and the Dollar Index, with a stronger dollar generally weighing on USD-denominated risk assets. The market believes the Fed's hawkish stance has reinforced the dollar's support narrative and could further shift capital toward safe-haven assets and dollar-denominated assets.