$BTC 🚀Bitcoin Eyes $100K Again: Can the Bull Break Through the Barrier💰🔥
After a shaky start to the year, Bitcoin (BTC) appears to be back on a bullish trajectory, once again approaching the critical $100,000 psychological threshold. This comes as a surprise to many who anticipated a weak end to April and a challenging May. BTC's descending trend, which kicked off after peaking in mid-January, showed signs of exhaustion after April 8, with a sharp rebound starting April 21. What triggered this turnaround? The Dollar Index (DXY) fell below 99 points, loosening pressure on BTC and lighting a fire under its price momentum.
💹Since then, Bitcoin surged past several milestones
$88K, $90K, $94K, and most recently $96K, despite expectations of a pullback. On April 30, it briefly topped $97,000, a level not seen since February 21, when it narrowly missed $100K at $99.5K. This steady climb, sparked by a weakening dollar and growing investor confidence, has renewed hopes that BTC might finally break and sustainably hold above $100,000. However, the road remains volatile, and while sentiment is bullish, there's no guarantee this momentum will last.
💵The Dollar Index has played a crucial role in BC's price action. Back in November, BTC exceeded $80K while DXY hovered at 105. As DXY climbed to 110 in January, BTC struggled. But after Trump's inauguration, DXY began a steep drop - eventually falling below 98 in April. Historically, a weaker dollar boosts BTC, and this recent rapid DXY decline appears to have "unlocked" BTC from its downtrend.
With historical averages and bullish sentiment aligning, all eyes are now on whether Bitcoin can finally conquer the elusive $100,000 milestone once and for all. 📊
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