This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

DXY vs BTC

Last week, the Federal Reserve (Fed) delivered its first interest rate rate cut since December, while signaling more easing in the coming months. Yet, despite this dovish move, the dollar index (DXY), which tracks the greenback's value against major currencies, finished the week with a dragonfly doji on the weekly chart – a classic bullish reversal signal suggesting a USD rally ahead.

The dragonfly doji gets its name from its distinctive “T” shape, which resembles the delicate wings of a dragonfly or the blade of a bamboo-copter toy. This pattern forms when the open, high, and close prices are nearly identical, accompanied by a long lower shadow that reflects a sharp price decline quic

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