Dollar

bullish

Bitcoin

Bitcoin is currently facing rejection at a critical resistance level but is no longer showing the hidden bearish divergence on the daily chart. Instead, it's showing a traditional bearish divergence on smaller time frames. At the same time, the price of Bitcoin is building up liquidity on the downside.&nbsp;  
<a href="https://www.youtube.com/watch?v=xS-6d8BaQDo" rel="noopener noreferrer nofollow">According to analyst Josh of Crypto World,</a> Bitcoin is hovering around a previous high of approximately $64,500, but still remains below a significant descending resistance line that has been keeping the price down for over six months. This resistance line is currently just under $68,000, and breaking above this level is important for a more bullish trend on the larger time frames.  
Recently, the DXY (U.S. Dollar Index) has seen a bearish move, which is typically positive for Bitcoin. A brief breakdown in the DXY provided a bullish signal, but it bounced back, making things relatively neutral in the short term. However, the overall short-term trend for Bitcoin remains bullish due to the DXY's weakness.  
What's Next For Bitcoin Price?  
On the daily Bitcoin chart, the price has faced multiple rejections from the $64,000 to $64,500 resistance range. To confirm a breakout, Bitcoin needs a daily candle close above $64,500. Ideally, a retest of this level as support would provide extra confirmation. If Bitcoin breaks above this range, the next resistance level is between $67,000 and $68,000, which is a significant area due to previous support and resistance levels and high trading volume.  
If Bitcoin can confirm a breakout above $68,000, it would be a strong bullish signal for both the short and long term, potentially leading to a continued bull market. However, for now, Bitcoin is still battling resistance at around $64,500, though it has made slight gains with higher daily candle closes.

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