BTC price overlaid against the US Dollar Index (DXY) on a dual axis — the canonical 'risk-on vs reserve currency' read.
Daily BTC close on log scale (left axis) and the DXY index on linear scale (right axis), aligned by date. BTC has historically moved inverse to DXY at multi-month horizons; the chart is the simplest visual test of that thesis.
DXY strong (>105) is a structural headwind to BTC. DXY weak (<98) historically tailwinded BTC bulls. Sustained inverse correlation = healthy macro alignment; correlation breakdowns often precede regime shifts in either asset.