In the cryptocurrency market, fundamental factors such as Federal Reserve policies, the growth of the US dollar index, and the amount of liquidity in the market have a direct impact on Bitcoin’s movement. A strengthening US dollar can increase selling pressure on Bitcoin.
But if there are signs of a halt to tightening policies or a growth in cryptocurrency adoption, the likelihood of Bitcoin rising increases, especially if institutional demand for Bitcoin increases.
Technically, on the one-hour timeframe, Bitcoin is approaching a strong support range between $92,520 and $93,668. This range could trigger a price reversal, but if it is broken, further declines are expected.
On the upside, key resistances lie at $96,732 (0.5 Fibonacci level) and $99,964. A break above these levels could trigger a new uptrend for Bitcoin.
The Ichimoku Cloud indicates current weakness in the trend, as the price is below the Cloud and the ALLIGATOR lines are also in a bearish mode. However, the price’s proximity to the support zone increases the likelihood of a reversal.
Bitcoin / TetherUS
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