Bitcoin's price has rebounded nearly 10% from weekend lows, with traditional markets supporting the case for continued move higher.

Bitcoin's BTC $107 889,71 price has rebounded nearly 10% from weekend lows, with key developments in traditional markets supporting the case for continued gains ahead.

The dollar index, which tracks the value of the greenback against major fiat currencies, dropped to 97.27 early Thursday, the lowest level since February 2022, according to data source TradingView. The decline follows growing calls for a July Fed rate cut and disappointing data on housing and consumer confidence.

The weakening of the dollar, a global reserve currency, tends to ease financial conditions, galvanizing increased risk-taking in financial markets.

"DXY [is] now at the lowest level since March 2022. Very bullish implications for global money supply growth and bitcoin," Andre Dragosch, director, head of research - Europe at Bitwise, said on X.