Bitcoin Consolidates Above Resistance as Ethereum Remains Exposed

The Bitcoin price is currently in a bullish consolidation phase after two consecutive daily closes above near-term resistance. However, if it falls by 1.50%, the price will drop back under that threshold and turn into resistance again.

The Relative Strength Index (RSI) of BTC briefly surpassed the newly set resistance but was unable to sustain its move, mirroring the outcome of its two earlier attempts. The Clarity Act news may trigger a pullback, though the legislation itself is not expected to have an immediate significant impact on the price.

Ethereum remains exposed with a bearish scenario active, although it has yet to be fully validated. A daily close below short-term support would open the door for a drop, and the RSI is already in bearish territory. However, the On Balance Volume (OBV) still requires another high-volume red close to undermine its moving average.

The macro environment adds weight to Ethereum's woes as the dollar index rebounded from support, which is unfavorable for forex pairs and an extra drag on US equities. The yen remains under pressure, with USDJPY needing to slip below 155.025 before a long-liquidation cascade could start.