During the latest trading session, Bitcoin gained over 3%, as renewed buying momentum entered the market. For now, the cryptocurrency appears to be approaching its historical highs once again, driven largely by the growing weakness of the U.S. dollar. This is reflected in the DXY index, which measures dollar strength and is now hovering around 96 points, consolidating a bearish trend not seen in years. As the dollar continues to weaken, BTC could benefit from the environment, maintaining consistent buy-side pressure in the short term.
Lateral Range Still Intact
Despite recent upward movements visible on the chart, it’s important to highlight that BTC has begun to consolidate within a defined short-term lateral range, marked by a ceiling at $110,000 and a floor near $100,000. While buying pressure has shown signs of resurgence, it remains insufficient to break out of the range, which continues to dominate in the short term. If price fails to break through these key levels, a wider consolidation channel could develop in the coming sessions.
Indicators:
MACD: The MACD histogram continues to hover near the neutral zero line, indicating a stable balance between buying and selling forces. If this behavior persists, neutrality could become more dominant in the short term.
ADX: A similar pattern is emerging on the ADX indicator, as the line remains below the neutral 20 level. This suggests that the average volatility of recent moves is steadily decreasing, and unless the ADX starts to climb, Bitcoin may struggle to sustain the current bullish momentum recently seen on the chart.
Key Levels to Watch:
Written by Julian Pineda, CFA – Market Analyst
Lateral Range Still Intact
Despite recent upward movements visible on the chart, it’s important to highlight that BTC has begun to consolidate within a defined short-term lateral range, marked by a ceiling at $110,000 and a floor near $100,000. While buying pressure has shown signs of resurgence, it remains insufficient to break out of the range, which continues to dominate in the short term. If price fails to break through these key levels, a wider consolidation channel could develop in the coming sessions.
Indicators:
MACD: The MACD histogram continues to hover near the neutral zero line, indicating a stable balance between buying and selling forces. If this behavior persists, neutrality could become more dominant in the short term.
ADX: A similar pattern is emerging on the ADX indicator, as the line remains below the neutral 20 level. This suggests that the average volatility of recent moves is steadily decreasing, and unless the ADX starts to climb, Bitcoin may struggle to sustain the current bullish momentum recently seen on the chart.
Key Levels to Watch:
- $110,000 – Major Resistance: This level marks Bitcoin’s historical high. If buying pressure pushes price back to and above this level, it could signal the reignition of a strong bullish bias and set the stage for a resumption of the previous uptrend.
- $106,000 – Mid-Range Support: The midpoint of the current consolidation range. It acts as nearby support and may serve as a barrier against short-term pullbacks.
- $100,000 – Psychological Support Zone: This level aligns with recent multi-week lows. A return to this level could jeopardize the short-term bullish bias that has attempted to hold over recent sessions.
Written by Julian Pineda, CFA – Market Analyst
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