Bitcoin price prediction as the US dollar index (DXY) spikes

BTC price has been in a steep sell-off over the past few weeks as the US dollar index bounced back. According to Bloomberg, Bitcoin rose to $112.8, the highest level in more than 2 decades. This comes as the British pound has fallen to its lowest level since 1987 and is now close to parity

The euro fell below parity and is at its lowest level in more than 20 years. Other currencies such as the Swedish krona, Japanese yen and Swiss franc have also been in a very bearish trend lately.