Bitcoin (BTC) holds Above final Resistance Level

The Bitcoin (BTC) price is gathering above the last decent resistance level of $106,000 on Wednesday. Should the bulls manage to close a daily candle above this level, and flip it into support, a rise up and beyond the $109,300 all-time high may not be far away. Positive factors for Bitcoin Bitcoin (BTC) is only a whisker away from recording an all-time high, the index of the biggest 500 US companies (S&P 500) is doggedly climbing back to all-time highs, and the tariff tantrums are probably mostly behind us. Economic indicators report chooses to focus on consumer sentiment However, the Leading Economy Index (LEI), a composite of several economic indicators, fell 1% in April, which is the biggest fall since March 2023, and it became the fifth monthly decline in a row. A report on the LEI by Newsweek declared that “consumers’ expectations for business conditions” was one of the most significant of the 10 economic components of the LEI. It also affirmed that “consumer sentiment” had consistently decreased since the beginning of 2025. While consumer sentiment certainly is a good yardstick for measuring how an economy is doing, the consumers themselves might be among the last to realise that the economy could be in the process of turning a corner, and that economic conditions may be about to pick up. Bullish or bearish short-term for $BTC? Source: TradingView In the short-term 4-hour time frame it can be seen that the $BTC price is flirting closely with the all-time high. Earlier on Wednesday the price ran up to touch $108,000, although it did get sold back down pretty quickly to the tentative $106,100 support level. If this support can hold by the end of the day on Wednesday it could become a base for bulls from which to launch that final assault on the all-time high. Notwithstanding, the current chart pattern of a rising channel is actually a bearish one. In the majority of cases, the price action would be expected to fall out of the bottom of the channel, rather than exit from the top. If the price does start to roll over from here and does fall through the bottom of the channel, a measured move could take $BTC back under $100,000 and down to around $97,000. Perhaps another more likely scenario could be a return to the support at $104,000, or even $102,000. Back to the more bullish scenario, the trend is still up, and a drop back to $106,000 is perfectly fine. If buyers do start getting behind a surge to the all-time high, this could be achieved in a very short amount of time. $DXY about to lose the $100 support Source: TradingView One chart that has a huge impact on the $BTC price is the U.S. Dollar Index (DXY). The chart shows that with only two days left in this current 2-week time frame, the DXY looks as though it could be about to lose the $100 horizontal support level. The Fibonacci levels for the move from early 2021 up to late 2022 very accurately provide support/resistance lines. The 0.618 is just below the current dollar price, while the 0.786 Fibonacci is likely to be a magnet for the price below this at $94.7. As the US dollar becomes weaker, which is one of the main targets for the Trump administration, asset prices should rise. A leading indicator in this case is probably Bitcoin. Expect the $BTC price to increase as the DXY steadily falls and becomes weaker. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily