Bitcoin, the major cryptocurrency, is on track to record a red month.

The bitcoin price has so far fallen by nearly 14.8% in April.

The best cryptocurrency has had a rough start this year, dropping more than 15% in January.

It was the worst start to a new year for bitcoin since the brutal bear market of 2018.

In late March, Bitcoin surged to a new yearly high of $48,234, but its momentum faded after the bulls failed to reach above key resistance levels.

Meanwhile, the US dollar reached its highest level in two decades earlier this week.

The US Dollar Index (DXY), which measures the performance of the US currency against a basket of other foreign currencies, managed to reach 103.9 last Thursday.

The Japanese yen lost its safe haven status and fell to its lowest level against the dollar earlier this week after Bank of Japan Governor Haruhiko Kuroda reiterated his commitment to long-term ultra-easy monetary policy.

This way, the central bank will be able to continue to defend the target yield.

A weak dollar is usually a tailwind for the world's largest cryptocurrency.

In late 2020, for example, the DXY index fell below 90 to reach its lowest level in more than two years.

This coincides with a significant increase in the price of Bitcoin.

Bitcoin has so far failed to recover the $40,000 level despite the dollar giving up some of the gains it made earlier.

The largest cryptocurrency is currently trading at $38,600 after declining nearly 3% in the past 24 hours.

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