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 below $80,000, buyers finally managed to send the price beyond the January ATH. The BTC has just recorded a rise of more than 10% in May, and if it manages to get rid of the resistance at $106,000, it could continue its rise towards $120,000. Also, some on-chain and technical indicators suggest that BTC is able to continue its rise. In the Macro Point, let's see if operators continue to bet on risky assets!
Bitcoin has managed to exceed its January ATH, and now?
Nothing seems to stop the price of Bitcoin. Indeed, despite periods of uncertainty and corrections, the price continues to draw a series of lows and ascending peaks. By validating a new ATH beyond $110,000, the BTC shows all its strength in a context that remains complicated. The king of cryptos is progressing as the Fed no longer wishes to lower its rates, and tariffs continue to threaten risky assets.
After the ATH and the rise to $112,000, Bitcoin fell. It is back at the support level at $104,000 and between the 9 and 18 bullish moving averages:
Bitcoin price against the dollar
Buyers could defend this area and send the BTC towards $120,000. As long as the dynamic is bullish on Bitcoin, new ATHs are possible. Despite everything, it will be necessary to avoid losing the level at $104,000. Otherwise, the price could fall further below the $100,000 psychological mark.
For its part, the RSI momentum indicator has broken its bearish trendline and it is developing upwards. Buyers have the advantage of the 3-day time unit momentum.
Risk off: the dollar falls and gold continues to be solid
The dollar is heading towards support at 97.5
After a difficult start to the year, the price of Bitcoin recovered and managed to exceed $110,000. On the other hand, the dollar continues to be feverish. Indeed, since the beginning of the year, the dollar has been drawing bearish structures in 3 days. Recently, the price has been rejected at the level of resistance at 101, and against the bearish moving averages 9 and 18:
Index dollar chart
If the price continues to block against the moving averages, it could find itself on the support at 97.5. In view of the trend shown for several months, a break in support is possible. As long as the dollar is low, risky assets such as Bitcoin and cryptos can take advantage of it to grow upwards. Cryptocurrencies tend to perform when the dollar is low. A recovery of the 101 as support could still send the price to the level of resistance to 106.
The RSI has been developing downwards for several months. Therefore, the momentum is feverish at the moment.
Gold rebounds and could validate a new ATH
The price of gold took advantage of the tensions related to tariffs to move upwards and reached $3,500. The price continues to display a dynamic to the advantage of buyers, and the bullish institutional bias (EMA 9/EMA 18) tends to act as a dynamic support. Moreover, during the fall around the support at $3,150, the moving averages once again allowed a rebound:
Gold price against the dollar
In the coming weeks, gold could mark an all-time high beyond $3,500. As long as the $3150 support holds and the bullish moving averages 9 and 18 support the price, other historical highs are possible. On the other hand, a loss of moving averages and support could send the price to the next support level at $2,930.
The price is moving up, but this is not the case with the RSI, which blocks against the bearish trendline. A fall below 47 would validate a bearish divergence and indicate a loss of momentum. At the same time, the gold/BTC pair falls. But she is back on an important support:
Gold price against Bitcoin
Since the end of 2022, the Bitcoin king has outperformed gold. To continue on this dynamic, the pair will have to fall under the support (red arrow). The momentum has been bullish for several months, there is a risk that the price will resume on the support.
American indices are in good condition to mark historical highs
The S&P 500 bounces off the support at $5,850
The S&P 500 reacted well on the $5,000 support. Since the last low of around $4,800, the price recorded a significant increase of more than 20%:
In addition, the price is rebounding on the support at $5,850. If the support holds, an ATH beyond $6,140 is possible. On the other hand, if the support is lost, the price could join the support at $5,600. If this level does not hold, the price could find the last ones lower. A break in the bearish trendline on the RSI would allow a bullish momentum.
NASDAQ approaches its ATH to $22,180
For its part, the NASDAQ rebounded on support at $16,500. Since the rebound around this support, buyers have the hand, and the price is approaching the ATH at $22,180:
NASDAQ is in good condition to continue its rise as long as the $20,300 support is maintained. If the level gives way, the price could fall to the next solid support at $18,300. The RSI, on the other hand, continues to block against the bearish trendline. Thus, the momentum remains fragile for the moment.
The key elements to remember
Proof that Bitcoin is very solid, it has recorded an ATH while the US indices (NASDAQ and S&P 500) have still not achieved it. Despite everything, the S&P 500 and NASDAQ could validate new highs in the coming weeks. Gold is also well positioned to mark an ATH. Moreover, the dollar remains relatively low, which is rather positive for cryptocurrencies and risky assets in general. Some cryptocurrencies could benefit from the recent rise in Bitcoin. This is particularly the case with Dogecoin (DOGE), which attracts institutional actors.
