Bitcoin’s Rise Hindered by US Dollar Strength
Bullish Breakouts Still on the Table
by Bog& Giulvezan
Throughout this calendar week the US Dollar has been strengthening against most of its major counterparts, most notably against the Euro and the Yen. The Dollar sign Index (DXY) is presently trading in adpressed neighbourhood of 92.00, after successfully breaking through the key resistance levels at 91.00 and 91.50.
This new Dollar strength has been an important factor that hindered further Bitcoin advances and dragged BTC/USD lower, into the $46,600 range. The "member gold" lost more than 5% over the last-place 24 hours, although information technology's smooth up almost 4% concluded the last 7 days. However, the key support at $45,000 is still inviolate and last week we power saw that bullish pressure is still present because a pickpocket to a lower place the said support level was short-lived and price quickly returned above it.
Most of the other top 10 altcoins have incurred losses, with Binance Coin (BNB) dropping almost 9% yesterday, presently trading at $221, Polkadot (BNB) descending almost 11% and Car&o (ADA) 7%. The charts are screening lower highs and although bearish pressure is ubiquitous, price action is still indicative of an accumulation phase, not a full-happening pessimistic market. That beingness said, let's take a closer consider Bitcoin's chart because usually, information technology is a leading indicator of how altcoins will behave.
Chart Analysis – BTC/USD
Later on printing an uncomparable high above $58,000, Bitcoin retreated and failed to gainsay the same price, being rejected at $52,000 electrical resistance. On the 4 60 minutes charts, price shows a double top around $52K, which is an indication that we are dealing with a strong dismantle, which will be difficult to break. On the other hand, a break of the said level will argue unassailable bullish forc and possibly another attempt to break $58K.
Looking at the Daily chart below we can see that a wedge is forming and this looks identical informed to what happened in January 2021, when a similar establishment appeared. After the break of the preceding wedge, price printed a meaning high-high and since field analytic thinking predicts future movement based on past behaviour, we can strike that a break of the prevailing wedge will trigger some other bull run and a new ATH.
The Relative Strength Indicator is headed down, and the same is true for the MACD, which may hint that price is going to drop over again into the affirm located around $45,000. We whitethorn see a bounce higher if IT gets there but then again, it's possible that Bitcoin volition experience an extended stop of sideways movement, speaking purely from a technical perspective, without pickings into account outside catalysts such as news, rumors, etc.
Source: https://www.binaryoptions.net/bitcoins-rise-hindered-by-us-dollar-strength/
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