Bitcoin price found support at an inverse head and shoulders pattern’s neckline, and the measured move points to more upside for Bitcoin. The US dollar’s bearish trend, Jerome Powell’s hawkish comments, and the fact that the market retested the neckline, all suggest that Bitcoin’s price is bullish while above $25k.
Currently, there is no significant resistance until the $48k level, which was the 2022 high. The market may be building energy to break higher, giving hope to crypto investors that Bitcoin bottomed in late 2022.
Fundamentally, the US dollar’s bearish trend continues, as reflected by the EUR/USD exchange rate still hovering around 1.10. Yesterday, the Fed’s Chair, Jerome Powell, participated in a panel at the ECB Forum in Sintra, and his comments were hawkish. Should investors perceive other central banks as more hawkish than the Fed, the dollar weakness may dominate markets during the summer months.
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