Bitcoin Tests Resistance as Dollar Breakout Raises Questions

Bitcoin is testing resistance levels, but a confirmed close above the 0.5 Fib level is still pending. If BTC closes above it, that could be a strong momentum signal, potentially carrying price to the 0.618 Fib level at $93,650. However, the author of the analysis does not expect this outcome, citing a strong chart but not ruling out the possibility.

The dollar breakout is confirmed, with the U.S. Dollar Index (DXY) moving above long-term overhead resistance and printing a TBO Breakout. This breakout is seen as a potentially exhaustion breakout rather than a continuation, with a weekly overbought RSI pattern possibly marking a top.

TradFi remains divided, with S&P 500 futures remaining firm while the SPX spot chart is macro bullish. However, the DJI could fall into strong bearish mode, and the Russell 2000 is already in strong bearish territory. The evidence is conflicted, and not indicative of a broad equity crash.