Analyst Jamie Coutts stated that Bitcoin’s recent price movements are being driven primarily by the strength of the U.S. dollar, rather than cryptocurrency ETFs or broader market sentiment, according to his post on X. The assessment challenges narratives that attribute price changes to investor enthusiasm or institutional inflows.
Until the dollar starts behaving — which is ultimately a function of liquidity — conditions will stay rough. Bitcoin and crypto remain tightly correlated with the dollar because it acts as a real-time liquidity gauge.
Right now, the market is saying: whatever the central… pic.twitter.com/hdK5uxLXVs
— Jamie Coutts CMT (@Jamie1Coutts) November 19, 2025
Coutts highlighted that macroeconomic factors, including interest rates and dollar appreciation, are exerting more influence on Bitcoin than speculative trading. As a result, short-term price swings may align closely with dollar trends rather than typical crypto market catalysts. The analyst emphasized that this dynamic could persist as long as macroeconomic pressures remain high.
Investors and market watchers may need to adjust their strategies, focusing more on global currency movements and less on ETF activity or sentiment indicators. Understanding the correlation between Bitcoin and the U.S. dollar could be key to anticipating price behavior in the near term.
Source: Jamie Coutts on X.
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