The onus is on the bulls to sustain Bitcoin above $30,000 or a short-term correction could begin, pulling most altcoins lower.
Bitcoin remains stuck inside a narrow range, making it difficult to predict the direction of the next possible breakout. The U.S. Dollar Index , which generally moves in inverse correlation to Bitcoin , dropped below 100, but that has failed to propel Bitcoin higher. This suggests that Bitcoin is charting its own course in the near term.
Could the DXY stage a recovery? Will that limit the upside in Bitcoin and the major altcoins? Let’s analyze the charts to find out.The S&P 500 Index is in a strong uptrend. The price has reached resistance at 4,513, which may act as a minor hurdle. But if bulls do not give up much ground from the current levels, it will suggest that traders expect the rally to continue.
This remains the key level to watch for. If the price turns down from this level, it will suggest that the bears have flipped the previous support into resistance. That could start a downtrend, which could reach 97 and then collapse toward the pattern target of 93.64.
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