Crypto Express
06/13 00:51
BTC Technical Aspect
BTC price has traded above a crucial weekly support level around $104,354 in the past five weeks. In the past three weeks, BTC price has been retesting the bullish breakout, signaling a parabolic rally soon.
In the 1-hour timeframe, BTC price has been retesting a bullish breakout from a falling logarithmic trend. Although a solid base for the ongoing market correction has not been established, a major rebound is on the horizon.
Weakening U.S.Dollar Amid Crypto Regulatory Clarity
Despite the historical attempts by the Donald Trump administration to strengthen the U.S. dollar, the DXY, which measures the value of the U.S dollar against other major currencies, has been declining. The Chinese Yuan and other currencies have been strengthening against the U.S. dollar.
With Bitcoin mostly traded against the U.S. dollar, the underlying value will skyrocket in the near future. Meanwhile, U.S. regulators have been making strategic moves to help the U.S. dollar remain dominant globally.
For instance, the country intends to use stablecoins by enacting clear regulations. Consequently, crypto liquidity will increase significantly in tandem with the global money supply (M2).
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