Crypto analyst Jason Pizzino suggests that Bitcoin (BTC) is forming a bullish structure as the US dollar shows signs of weakness. He points to the key level of $28,400 for Bitcoin and notes that as long as the market holds up above this level, it seems like the beginning of an uptrend.
Pizzino also mentions that a weakening US dollar, as indicated by the Dollar Index (DXY), would further support Bitcoin’s potential upside. A weaker dollar often correlates with strength in risk assets like Bitcoin.
He observes that the DXY could reverse to the downside after facing resistance at around the 107 level, which is the 50% retracement level between its recent swing high and low. While he acknowledges the overall uptrend, Pizzino suggests watching for signs of resistance and potential reversals in the short term.
Bitcoin’s Uptrend Supported by Weakening US Dollar, Says Crypto Analyst
As of the time of the report, Bitcoin is trading at $27,907, and the DXY is at 106.29 points. Pizzino’s analysis reflects the ongoing interplay between cryptocurrency markets and traditional financial indicators like the US dollar.