On March 10, RealVision encryption analyst Jamie Coutts said that a weaker dollar may push Bitcoin stronger, but there are two key indicators that may cause concerns in the short term. Although my framework is becoming bullish as the dollar plunges, 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, the overall outlook remains cautiously bullish. The MOVE Index is a measure of expected volatility in the U.S. Treasury market. Coutts observed that although the MOVE index remains stable, it is on the rise. Rising volatility in government bonds may lead to further tightening of liquidity, while corporate bond spreads have widened for three consecutive weeks. Reversals in major corporate bond spreads often coincide with a peak in Bitcoin prices. Coutts concluded that overall, these indicators constitute a negative signal for Bitcoin. Still, the depreciation of the dollar-one of the largest monthly devaluations in the past 12 years-remains the main driver in my framework.