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Bitcoin remains in a consolidation phase. Last week, it hovered around $62K-$63K, with a brief dip to $60K followed by a bounce. Currently, the price is testing key resistance levels at the upper boundary of a descending channel. An immediate focus is whether Bitcoin can break out of this channel, which would signal a potential resumption of bullish momentum.
Technical indicators show a trend that hasn’t yet turned bearish, with some signs pointing to a possible bullish breakout if resistance is broken convincingly. Key macro factors influencing Bitcoin include yields, the dollar index, inflation data, and upcoming US CPI reports. A breakout could be triggered if yields reject support convincingly or if inflation figures surprise to the downside, providing a “pump fuel” for crypto markets.