Bitcoin Versus the Dollar

USD vs. Bitcoin

Perhaps a trend is developing?

Fundamentally, Bitcoin is in one of the most macroeconomically friendly environments it can be in.

Some Positive Macroeconomic factors that affect Bitcoin:

M2 Money Supply (Money supply around the world has been increased by more than 15% in 2020.)
US Dollar Value (Bitcoin primarily trades against the USD, the lower USD, the higher BTC, generally)
Mining Expenses/Miner Breakevens (Since the halving, miner breakeven has likely been increased to around $10,000, commodities gravitate towards their production costs)
Stock Market Correlation (The stock market has been trending strongly upwards since March, creating the largest bubble in history in P/E terms.
Gold Correlation (Gold has broken it’s prior all time high of 1920, closing today around 1940/troy oz)
Inflation (Inflation is a lagging indicator, but will likely be larger than normal this year with stimulus and money printing – Bitcoin inflates too)

M2 Money Supply