Since the beginning of 2023, buyers have had their hands on Bitcoin. As proof, after a catastrophic start to the year on Bitcoin with a fall under $ 80,000, buyers finally managed to send the course beyond the January ATH. The BTC has just recorded an increase of more than 10 % in May, and if it manages to separate from the resistance at $ 106,000, it could continue to increase towards $ 120,000. Also, some on-chain and techniques indicators suggest that the BTC is able to continue its ascent. In the macro point, let’s look at if the operators continue to bet on risky assets!
Bitcoin managed to overcome his January ATH, and now?
Nothing seems to stop the course of Bitcoin. Indeed, despite periods of uncertainty and correctionsthe course continues to draw a series of hollows and ascending summits. By validating a new ATH beyond $ 110,000the BTC shows all its solidity in a context that remains complicated. The king of cryptos progresses while the Fed no longer wishes to lower its ratesand that customs tariffs continue to threaten risky assets.
After the ATH and the increase to the $ 112,000Bitcoin has dropped. He is back at the level of Support at $ 104,000 and between averages Mobiles 9 and 18 upwards ::
Buyers could defend this area and send the BTC to $ 120,000. As long as the dynamic is up On Bitcoin, new Ath are possible. Despite everything, you will have to avoid losing the level at $ 104,000. Otherwise, the course could drop again Under the psychological bar of $ 100,000.
For its part, the indicator of Momentum RSI broke its downward trend and it develops upwards. THE buyers have the advantage of the momentum Unit of time 3 days.
Risk off: the dollar falls and the gold continues to be solid
The dollar goes to the support at 97.5
After a difficult start to the year, the Bitcoin course resumed and it managed to exceed $ 110,000. On the other hand, the dollar continues to be febrile. Indeed, since the beginning of the year, the dollar has drawn lowering structures in 3 days. Recently, the course was done dismiss at the level of Resistance at 101and against Mobiles 9 and 18 horses ::
If the course continues to block against mobile averages, it could be on the Support at 97.5. Given the trend displayed for several months, a support is possible. As long as the Dollar is lowrisky assets like the Bitcoin and cryptos can enjoy it To develop upwards. Cryptocurrencies tend to perform when the dollar is low. A resumption of 101 as a support could still send the course to the level of the Resistance at 106.
THE RSI develops downwards For several months. Therefore, the Momentum is feverish For now.
Gold bounces and could validate a new Ath
The course of gold took advantage of Tensions linked to customs tariffs to evolve upwards and for Touch $ 3,500. The course continues to display a dynamic to the advantage of buyersand the Institutional bias (EMA 9/EMA 18) HAUSSIER tends to act as dynamic support. Moreover, during the fall around the Support at $ 3,150the mobile averages have once again allowed a bounce ::
In the coming weeks, gold could mark a historic summit beyond $ 3,500. As long as the Support at $ 3,150 holds and that the mobile averages 9 and 18 bruises support the course, others Historical summits are possible. On the other hand, a loss of mobile averages and support could send the course to the next level of Support at $ 2,930.
The course is increasing, but this is not the case with RSI who blocks against the downstream trendline. A fall under 47 would validate a divergence and would indicate a shortness of breath of the momentum. In parallel, the Pair gold/BTC Fall. But she is back on a important support ::
Since the end of 2022, the King Bitcoin outperform gold. To continue on this dynamic, the pair will have to Fall under the support (red arrow). THE Momentum being bullish For several months, there has been a risk that the course will come back to the support.
The American clues are in good conditions to mark historical heights
The S&P 500 rebounds on the support at $ 5,850
The S&P 500 reacted well to the Support at $ 5,000. From the last lower around $ 4,800the course records a significant increase of more than 20 % ::
In addition, the course is rebounding on the Support located at $ 5,850. If the support holds, a ATH beyond $ 6,140 is possible. On the other hand, if the support is lostthe course could reach the Support at $ 5,600. If this level does not hold, the course could find the latest lower. A Breakdown break on the RSI would allow you to have a Bullish momentum.
The Nasdaq approaches its Ath at $ 22,180
For its part, the Nasdaq has rebounded on the Support at $ 16,500. From the rebound around this support, the Buyers have a handand the course is close to theAth at $ 22,180 ::
The Nasdaq is in good conditions to continue its rise as long as the $ 20,300 support is kept. If the level gives way, the course could drop to the next Solid support at $ 18,300. The RSI continues to block against the downward trendline. Thus, the Momentum remains fragile For now.
Key elements to remember
Proof that Bitcoin is very solid, he recorded an ATH while the US indices (Nasdaq and S&P 500) have still not succeeded. Despite everything, the S&P 500 and the NASDAQ could validate new heights in the coming weeks. Gold is also well positioned to mark an ATH. In addition, the dollar remains relatively low, which is rather positive for cryptocurrencies and risky assets in general. Some cryptocurrencies could benefit from the recent increase in bitcoin. This is particularly the case of Dogecoin (DOGE) which attracts institutional actors.