Analysts: The collapse of the US dollar has fueled the Bitcoin bull run, but other indicators are worrying

BlockBeats News: On March 10, Real Vision crypto analyst Jamie Coutts said that a weaker dollar could drive Bitcoin stronger, but there are two key indicators that could cause concern in the near term. “Even though my framework is becoming bullish as the dollar plummets, two indicators are still raising alarms: US Treasury volatility (MOVE index) and corporate spreads.” Coutts described Bitcoin as a “game” with central banks, and despite these worrying indicators, the overall outlook remains “cautiously bullish”. The MOVE Index is a measure of the expected volatility in the U.S. Treasury market. Coutts observed that the MOVE index is currently stable, but on an upward trend. Higher volatility in Treasuries could lead to a further tightening of liquidity, while corporate spreads have widened for three consecutive weeks. The reversal of the spread of major corporate bonds usually coincides with the peak of the Bitcoin price. Overall, these indicators are a negative signal for Bitcoin, Coutts concluded. “Still, the depreciation of the dollar – which is one of the largest monthly depreciations in the last 12 years – remains the main driver in my framework.”