Bitcoin gains 2% on weakening US dollar and stock market rebound📈

Bitcoin is gaining today on the back of growing optimism on Wall Street and weakness in the U.S. dollar.
The largest cryptocurrency has halted its decline around the psychologically important $99,000–$100,000 zone, which also coincides with key on-chain levels.This is where the Short-Term Holder (STH) Average Realized Price is located—representing the average purchase price of BTC held by short-term investors. Fed Chair Jerome Powell did not rule out earlier interest rate cuts if the labor market continues to weaken and inflation readings fail to show the uptick anticipated by the Federal Reserve.

Bitcoin (Daily Interval – D1)

Looking at the daily chart, BTC appears to be attempting a breakout from a bull flag formation. A sustained move above the 61.8% and 71.6% Fibonacci retracement levels of the recent downward impulse could pave the way toward new all-time highs. 

On the flip side, another downward leg cannot be ruled out, because the current price channel signals still big selling pressure. If long-term holders begin distributing coins again in the $105,000–$110,000 area and there is insufficient buy-side demand, Bitcoin may face renewed selling pressure.

Source: xStation5