Bitcoin dips back under 48k as stronger dollar undermines direction

It is surely a fair observation to note that the price of Bitcoin is often linked to the strength or weakness of the US dollar. Of course it is the most intermittent and inconsistent of relationships and one that often also bears no connection whatsoever. However, it is also fair to note that Bitcoin is the ultimate zero interest rate play, as it offers no yield and no prospect of one except a capital gain. Naturally that is the same for some fiat currencies too, namely the Yen and the Euro. So, perhaps it makes sense; that if US yields rise, one might expect BTC to slip. Well, once again that is very inconstant, but it is struggling for traction this afternoon, as both US yields and the dollar rise further. The price of BTC is just now dipping back under 48k right now an it will be interesting to see if further dollar gains do undermine it further today