On March 10, RealVision crypto analyst Jamie Coutts said a weaker dollar may drive Bitcoin to strengthen, but there are two key indicators that may cause concern in the short term. Although my framework is becoming bullish as the dollar plummets, two indicators still raise alarms: U.S. Treasury volatility (MOVE index) and corporate bond spreads. Coutts describes Bitcoin as a game with central banks, and despite these worrying indicators, it still has a cautious bullish outlook overall. The MOVE index is an indicator to measure the expected volatility of the U.S. Treasury market. Coutts observed that although the MOVE index is currently stable, it is on an upward trend. Rising treasury volatility may lead to further tightening of liquidity, while corporate bond interest spreads have widened for three consecutive weeks. The reversal of major corporate bond spreads usually coincides with the peak of Bitcoin prices. Coutts concluded that overall, these indicators constitute a negative signal for Bitcoin. However, the depreciation of the dollar – one of the largest monthly depreciation in the past 12 years – remains the main driver in my framework.