Pizzino emphasized Bitcoin’s strong move into the $90,000 range as a critical turning point.
According to Pizzino’s analysis, BTC successfully broke through March’s monthly high. This breakout invalidated previous bearish signals that had previously marked tops in December, January, and March 2024. With Bitcoin now surpassing these critical points, he assessed that the bearish trend had been canceled, suggesting a stronger bullish outlook for the asset.
Weak Dollar Index Supports Bitcoin’s Momentum
Pizzino also pointed to the performance of the US Dollar Index (DXY) as a major contributing factor. The DXY recently closed at its lowest weekly level in approximately 37 months, a movement he interpreted as historically favorable for Bitcoin.
Drawing on historical patterns, Pizzino noted that a weakening dollar typically precedes major upward moves for Bitcoin. The DXY, which measures the dollar against a basket of global currencies, continues to trend downward — a development he believed would likely fuel Bitcoin’s ongoing recovery.