Bitcoin (BTC) holds Above final Resistance Level

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Is Bitcoin About to Break the Bank? 💰🚀

Ah, the illustrious Bitcoin (BTC), that capricious creature of the digital realm, now frolicking above the last bastion of resistance at a staggering $106,000 this fine Wednesday. Should the bullish brigade manage to close a daily candle above this lofty perch and transform it into a veritable support, one might dare to dream of a meteoric rise beyond the $109,300 all-time high. But then again, dreams are but the whispers of the night, are they not? 😏

Positive factors for Bitcoin

Bitcoin (BTC) is tantalizingly close to etching its name in the annals of history with an all-time high. Meanwhile, the S&P 500, that grand index of the 500 most illustrious US companies, is gallantly climbing back to its own celestial heights, and the tariff tantrums of yore seem to be fading into the ether. How delightful! 🎉

Economic indicators report chooses to focus on consumer sentiment

Yet, lo and behold! The Leading Economy Index (LEI), a veritable tapestry of economic indicators, has taken a rather disheartening tumble of 1% in April—the most significant drop since March 2023, marking the fifth consecutive month of decline. One must wonder if the economy is merely playing a game of hide and seek. 🤔

A report from the ever-reliable Newsweek proclaims that “consumers’ expectations for business conditions” is among the most significant of the LEI’s ten components. It also laments that “consumer sentiment” has been on a steady decline since the dawn of 2025. How charmingly ironic! 😅

While consumer sentiment may serve as a rather quaint yardstick for gauging economic health, one must ponder whether the consumers themselves are the last to realize that the economy might just be on the cusp of a renaissance. Ah, the irony of it all! 🎭

Bullish or bearish short-term for $BTC?

In the short-term, the $BTC price is engaging in a flirtation with the all-time high, having gallantly touched $108,000 earlier on Wednesday, only to be swiftly ushered back down to the tentative support level of $106,100. Such is the fickle nature of fortune! 💔

If this support can hold by the end of the day, it could serve as a launching pad for the bulls to mount their final assault on the all-time high. But, dear reader, do not be deceived; the current chart pattern of a rising channel is, in fact, a bearish one. In most cases, one would expect the price action to tumble out of the bottom of the channel rather than ascend from the top. How delightfully tragic! 😱

Should the price begin to roll over and tumble through the bottom of the channel, a measured move could see $BTC plummet back under $100,000, perhaps landing around $97,000. Alternatively, a more likely scenario might involve a return to the support at $104,000 or even $102,000. Such are the whims of fate! 🎢

Yet, let us not abandon hope! The trend remains upward, and a dip back to $106,000 is perfectly acceptable. Should buyers rally behind a surge to the all-time high, it could be achieved in the blink of an eye. How exhilarating! 🌟

$DXY about to lose the $100 support

One chart that wields considerable influence over the $BTC price is the U.S. Dollar Index (DXY). With only two days remaining in this current two-week timeframe, the DXY appears poised to relinquish its grip on the $100 horizontal support level. How dramatic! 🎭

The Fibonacci levels from early 2021 to late 2022 provide a rather accurate map of support and resistance lines. The 0.618 level lurks just below the current dollar price, while the 0.786 Fibonacci level beckons from below at $94.7. Such tantalizing prospects! 🧭

As the US dollar weakens—one of the primary objectives of the Trump administration—asset prices are expected to rise. In this delightful game of economic chess, Bitcoin may very well be the leading indicator. Prepare for the $BTC price to ascend as the DXY steadily falters and weakens. How splendidly poetic! 📈

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2025-05-21 16:20