Here's How Bitcoin (BTC) Could Trade Next
Bitcoin shows signs of renewed bullishness despite directionless trading, supported by a weakening dollar and positive technical indicators.Summary
Bitcoin (BTC) is currently exhibiting directionless price action, trading within a mini-rising channel inside a larger downtrend following the Federal Reserve's expected 25 basis point rate cut and hawkish guidance. Technical indicators suggest a potential bullish shift: the MACD histogram is nearing a zero-line crossover, and the US Dollar Index (DXY) has weakened significantly, which typically benefits risk assets like BTC. Furthermore, the Nasdaq has stabilized above key moving averages, though Bitcoin's correlation remains lopsided, dropping harder than it rallies with the tech index. Key resistance levels for BTC are identified between $97,000 and $108,000, formed by SMAs and the Ichimoku Cloud. However, concerns remain regarding lackluster spot Bitcoin ETF flows, which have seen minimal net inflows recently. A breakdown below the current ascending channel could expose support near $80,000.
(Source：CoinDesk)