๐จ Dollar Weakness Boosts Bitcoin Hopes but Macro Risks Could Delay $120K ๐ง
Bitcoin is gaining momentum as the U.S. dollar weakens, driven by soft economic data and growing expectations of Fed rate cuts. A falling dollar often boosts demand for alternative assets like $BTC and this trend has traders eyeing a potential move toward $120K.
But the road ahead isn't clear.
๐ Key Risks Holding Back BTC:
Credit spreads (ICEโฏBofA High Yield ~2.85) suggest muted risk appetite.
Inflation fears remain sticky, with energy prices creeping up.
Geopolitical uncertainty and trade tensions could dampen market confidence.
BTC is struggling to hold above $115Kโ$116K, a crucial short-term resistance zone.
๐ Without clearer signals from central banks or stronger macro tailwinds, BTCโs path to $120K could be delayed or derailed.
Dollar weakness is good news for now, but macro risks still loom large. Stay sharp.
