Bitcoin (BTC) saw the return of US selling pressure at the March 26 Wall Street open as analysis eyed a “key shift in market structure.”
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin sees classic US dip as dollar gains
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading below $87,000.
The pair had enjoyed support through the day’s Asia trading session, but the start of US hours triggered a familiar downward reversal.
Bitcoin copied US stocks’ lack of momentum, with the S&P 500 and Nasdaq Composite Index both heading lower at the open.
The US dollar index (DXY), traditionally inversely correlated with BTC/USD, conversely nudged three-week highs of 104.46.
US dollar index (DXY) 4-hour chart. Source: Cointelegraph/TradingView
Commenting on the current risk-asset landscape, trading firm QCP Capital retained emphasis on US President Donald Trump’s trade tariffs ahead of a fresh round of measures due to go live on April 2.
“Uncertainty surrounding U.S. trade policy and the broader political landscape remains front of mind. Trump has teased further tariff measures ahead of the April 2nd deadline,” it wrote in its latest bulletin to Telegram channel subscribers.
“However, the market still lacks clarity on the scope, timing and magnitude of these potential actions. Until then, we expect more sideways volatility.”
QCP nonetheless suggested that Bitcoin could still “outperform tactically in the near term,” citing the decision by video game retailer GameStop to add BTC to its corporate treasury.
“While this is not a first in the corporate adoption story, the symbolic weight of GME’s meme status could rekindle speculative fervour among retail participants,” it argued.
“As the 2021 playbook reminds us, retail flows, if coordinated, have the power to challenge institutional positioning.”
Daily chart breakout joins bullish BTC price hints
Continuing the positive theme, popular trader Titan of Crypto had good news for those following the daily BTC price chart.
Related: RSI breaks 4-month downtrend: 5 things to know in Bitcoin this week
After three months, he revealed to X followers on the day that Bitcoin had escaped a downtrend, marking the latest in a series of recent reversal cues.
“BTC has just broken out of a 3-month descending channel, signaling a key shift in market structure,” he summarized alongside an explanatory chart.
BTC/USDT 1-day chart. Source: Titan of Crypto/X
As Cointelegraph reported, two key leading Bitcoin price indicators, the relative strength index (RSI) and the Hash Ribbon metric are both giving preemptive upside signals this week.
BTC/USD 1-day chart with RSI data. Source: Cointelegraph/TradingView
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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